BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased TerraForm Power, Inc. (“TerraForm Power” or the “Company”) (NASDAQ: TERP) securities between May 7, 2015 and March 15, 2016, inclusive (the “Class Period”). TerraForm Power investors have until June 3, 2016 to file a lead plaintiff motion.
Investors who suffered losses on their TerraForm Power investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
TerraForm Power owns and operates solar and wind generation assets serving utility, commercial and residential customers. TerraForm Power's controlling shareholder is SunEdison, Inc. ("SunEdison") (NYSE: SUNE); and SunEdison historically had provided material support to sustain TerraForm’s acquisitions of energy resources. The complaint asserts that TerraForm and SunEdison misled investors concerning the viability of both companies, including whether SunEdison would have the financial resources to sustain TerraForm’s long-term revenue growth.
Specifically, the complaint alleges that: (1) TerraForm Power’s Management Services Agreement with SunEdison, Inc., its controlling shareholder, exposed TerraForm Power to risks associated with SunEdison’s internal financial controls and any deficiencies therein; (2) as a result, TerraForm Power lacked effective internal financial controls; and (3) furthermore, TerraForm Power’s public statements were materially false and misleading at all relevant times.
On February 29, 2016, SunEdison disclosed that it was postponing the filing of its fiscal year 2015 Form 10-K with the SEC primarily due to protracted investigations by its Audit Committee concerning allegations about the accuracy of SunEdison's predicted financial situation.
Then, on March 16, 2016, after finding material weakness in its internal control over financial reporting, SunEdison announced another delay in the filing of its Form 10-K. On this news, shares of TerraForm fell nearly 8%, to close at $9.72 on March 16, 2016.
If you purchased shares of TerraForm Power during the Class Period you may move the Court no later than June 3, 2016 to be appointed lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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