NEW YORK, December 20, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces that it has filed a class action lawsuit against Sunlight Financial Holdings, Inc. (“Sunlight” or the “Company”) SUNL in the United States on behalf of all individuals and entities that purchased or otherwise acquired Sunlight securities between 25 January 2021 and 28 September 2022, both dates inclusive (the “Collection Period”). Investors have until February 14, 2023 to petition the court to be named lead plaintiff in the lawsuit.

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Sunlight claims to be a business-to-business-to-consumer point-of-sale (“POS”) financing platform that offers solar and home improvement businesses the ability to offer their customers seamless POS financing when purchasing solar systems for Offer private households or other DIY work. The Company claims that the resulting lending is facilitated by Sunlight’s proprietary technology platform, Orange® (“Orange®” or the “Platform”), through which Sunlight provides homeowners with instant lending decisions at the POS on behalf of Sunlight’s various lenders.

Sunlight was formed in July 2021 through the business combination of Spartan Acquisition Corp. II, a publicly traded special purpose vehicle, with Sunlight Financial LLC (“Legacy Sunlight”) (the “Business Combination”) into a public company.

On September 28, 2022, after the market closed, Sunlight announced that it was recording a “non-cash impairment of accounts receivable of $30 million to $33 million for the Company’s fiscal quarter ended September 30, 2022.” would. The company stated that “the company has been informed of certain actions taken by one of its installer partners to address the installer’s liquidity issues” that “would likely result in the company being unable to collect the outstanding advance payments to that installer.”

On the same day, the company also issued a press release…