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Sunrun says audit committee reviewing report on cancellations
June 2, 2017 / 7:01 PM / 4 months ago

Sunrun says audit committee reviewing report on cancellations

(Reuters) - Sunrun Inc’s (RUN.O) board of directors is investigating a Wall Street Journal report last month that said former employees manipulated sales data around the time of the U.S. solar installer’s 2015 initial public offering.

In a brief statement posted on its website, Sunrun said its executive team had asked the board’s audit committee to review the Journal’s article. The statement is dated June 1.

“Sunrun’s executive team is committed to transparency and looks forward to taking any and all appropriate actions in response to the Audit Committee’s eventual findings,” the statement said.

Sunrun officials could not immediately be reached for comment.

Last month, the Wall Street Journal reported that former managers at Sunrun said they were told by their superiors to delay reporting hundreds of customer cancellations during several months in the middle of 2015. Sunrun went public in August 2015.

In a statement on May 22, the date the article was published, Sunrun Chief Executive Officer Lynn Jurich said an internal review had offered no evidence that sales employees had changed cancellation dates in the company’s system as was reported.

Sunrun shares were down a penny at $5.12 Friday on the Nasdaq.

Reporting by Nichola Groom; Editing by Jonathan Oatis and Lisa Shumaker

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