Greenberg

ORDER GRANTING MOTION TO DISMISS WITH PREJUDICE

Defendant Sunrun, Inc. (“Sunrun”) is a company that leases rooftop solar panels to homeowners. When Sunrun conducted its initial public offering (“IPO”) on August 5,2015, its future looked bright. But with a series of regulatory setbacks, things quickly went dark. After she and other investors took heavy losses on Sunrun stock, Plaintiff Carole Greenberg brought this class action against Sunrun, its officers, directors, and underwriters for violations of the Securities Act of 1933.

I. BACKGROUND

A. Sunrise

Centralized sources of conventional energy, like coal-fired power plants, have traditionally dominated American energy markets. Class Action Compl. (“CAC”) ¶34. These facilities produce energy far from the point consumption and then transmit it to households and business over an interconnected network known as the electrical grid. CAC ¶34. Centralized sources of renewable energy, like dams or solar farms, have also played a role. CAC ¶34. More recently decentralized sources of renewable energy, like rooftop solar panels, have taken off. CAC ¶¶ 35-36.

While utilities in general are highly regulated, solar energy production of…