NEW YORK,
Dec. 30,
2022 /PRNewswire/ -- Jakubowitz Law announces that a
securities fraud class action lawsuit has commenced on behalf of
shareholders of Sunlight Financial Holdings Inc. f/k/a Spartan
Acquisition Corp. II (NYSE: SUNL).
To receive updates on the lawsuit, fill out
the
form:
https://claimyourloss.com/securities/sunlight-financial-holdings-inc-f-k-a-spartan-acquisition-corp-ii-loss-submission-form/?id=35157&from=4
The lawsuit seeks to recover losses for
shareholders who purchased Sunlight between January 25, 2021 and September 28, 2022.
Shareholders interested in acting as a lead
plaintiff representing the class of wronged shareholders have until
February 14, 2023 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to a filed complaint, Sunlight
Financial Holdings Inc. f/k/a Spartan Acquisition Corp. II issued
materially false and/or misleading statements and/or failed to
disclose that: (1) the Company lacked effective underwriting and
risk evaluation with respect to its contractor advance program; (2)
Sunlight lacked the oversight and periodic monitoring systems
necessary to timely detect bad debt associated with its contractor
advance program; (3) the Company lacked effective internal controls
over accounting and reporting of non-cash advance receivables; (4)
as a result, the Company would be forced to take a non-cash advance
receivables impairment charge exceeding $30
million; and (5) as a result of the foregoing, defendant's
positive statements about the Company's business, operations, and
prospects were materially misleading and/or lacked a reasonable
basis.
Jakubowitz Law is vigorous in pursuit of justice
for shareholders who have been the victim of securities fraud.
Attorney advertising. Prior results do not guarantee similar
outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law
