District Court Dismisses Securities Class Action Against SolarCity

On August 9, 2016, Wilson Sonsini Goodrich & Rosati secured a dismissal of all claims with prejudice on behalf of leading solar power provider SolarCity in a securities class action. The case was filed following the restatement of financial results to correct an error. After two previous dismissals, Judge Beth Labson Freeman of the U.S. District Court for the Northern District of California dismissed all claims with prejudice and held that the plaintiffs still had not satisfied the requirement that they allege sufficient facts to raise a strong inference of scienter.

The Wilson Sonsini Goodrich & Rosati team representing SolarCity in the matter included Ignacio Salceda, Benjamin Crosson, and Evan Seite.

For more information, please refer to the court's opinion.