According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- the Company lacked effective underwriting and risk evaluation with respect to its contractor advance program;
- Sunlight lacked the oversight and periodic monitoring systems necessary to timely detect bad debt associated with its contractor advance program;
- the Company lacked effective internal controls over accounting and reporting of non-cash advance receivables;
- as a result, the Company would be forced to take a non-cash advance receivables impairment charge exceeding $30 million; and
- as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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