SUNL - Wolf Popper LLP Announces Investigation on Behalf of Investors in Sunlight Financial Holdings Inc
New York, New York--(Newsfile Corp. - October 4, 2022) - Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Sunlight Financial Holdings Inc. ("Sunlight" or the "Company") common stock (NYSE: SUNL).
On January 25, 2021, Spartan Acquisition Corp. II announced it entered into a business combination with Sunlight Financial LLC in a deal valued at $1.3 billion. In the definitive proxy statement and prospectus filed on June 21, 2021, Sunlight was projected to reach 2022E revenues and adjusted EBITDA of $157 million and $82 million.
In March 2022, Sunlight announced full-year 2021 revenue and adjusted EBITDA results that came in below prior guidance and issued full-year 2022 revenue and adjusted EBITDA guidance of $145 to $155 million and $55 to $60 million, which also was below what the Company told investors. After the market closed on September 28, 2022, Sunlight disclosed one of its largest customers was shutting down its business and the Company said it expected to impair $30 to $33 million in advances to that customer on Sunlight's balance sheet. On that news, Sunlight's stock price fell $1.44 to $1.08, or a drop of 57.1% on very heavy volume.
Investors who have lost over $25,000 trading in Sunlight's common stock and who would like to discuss the investigation should contact Adam Savett at (610) 621-4550, or asavett@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.
Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.
Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (610) 621-4550
Email: asavett@wolfpopper.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139497