The complaint claims that Sunlight Financial Holdings Inc. (formerly known as Spartan Acquisition Corp. II) made false and/or misleading statements, and/or failed to disclose that: (1) the company did not have proper underwriting and risk assessment procedures for its contractor advance program; (2) the company did not have sufficient oversight and monitoring systems to detect bad debt related to the contractor advance program in a timely manner; (3) the company did not have effective internal controls for accounting and reporting of non-cash advance receivables; (4) as a result, the company would need to take a non-cash advance receivables impairment charge of over $30 million; and (5) due to these issues, the company's statements about its business, operations, and prospects were materially misleading and/or lacked a reasonable basis.