SAN DIEGO, Dec. 23, 2022 (GLOBE NEWSWIRE) —

The class: Robbins LLP is informing investors that a shareholder has filed a class action lawsuit on behalf of all investors representing Sunlight Financial Holdings Inc. SUNL Securities between January 25, 2021 and September 28, 2022 for violating the Securities Exchange Act of 1934. Sunlight claims to be a business-to-business-to-consumer point-of-sale (“POS”) financial platform which offers solar and home improvement companies the opportunity to offer seamless POS financing to their customers.

What now: Shareholders in a similar situation may be eligible to participate in the class action lawsuit against Sunlight. Shareholders who wish to be lead plaintiffs in the class action must file their filings by February 14, 2023. A Lead Plaintiff is a representative party acting on behalf of other Class Plaintiffs in the conduct of the litigation. You do not have to be present at the case to be eligible for a recovery. Click for more information here.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

What is it about in this case: Sunlight Financial Holdings Inc. (SUNL) lacked effective internal controls over the accounting and reporting of non-cash advance receivables

According to the complaint, Sunlight was formed in July 2021 through a business combination with Spartan Acquisition Corp. II to a listed company. On September 28, 2022, Sunlight announced that during the Company’s fiscal quarter ended September 30, 2022, it would record a “non-cash impairment of receivables of $30 million to $33 million.” On the same day, the company issued a press release withdrawing its full-year 2022 outlook. As a result of this news, the company’s stock price fell $1.44 per share, or over 57%, to close at $1.08 per share on September 29, 2022.

During the class action, the defendants failed to disclose that the Company lacked: (1) effective underwriting and risk assessment with respect to its contractor…