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Sunworks Investor Sues Directors to Block Upcoming Peck Merger

Oct. 14, 2020, 6:59 PM

Board members of Sunworks Inc. misrepresented the company’s financial situation in the lead up to the solar power company’s expected acquisition by Peck Co. Holdings, according to a shareholder lawsuit filed in Delaware Chancery Court.

Gustavo Vieyra’s proposed class action seeks a court order blocking Sunworks’ upcoming merger with Peck, which Vieyra says forces investors to trade in their Sunworks shares at a discount of more than 40%. Board members convinced shareholders to approve the transaction by filing incomplete and misleading reports that didn’t properly contextualize how the Covid-19 market downturn affected Sunworks’s stock price, Vieyra claims.

The proposed merger...

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