SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in securities class litigation brought on behalf of investors who purchased or otherwise acquired the common stock of TerraForm Global, Inc. (“TerraForm” or the “Company”) (Nasdaq: GLBL) pursuant or traceable to the Offering and Registration Statement in connection with the Company’s Initial Public Offering (“IPO”) conducted on or around July 31, 2015.
If you purchased or otherwise acquired the common stock of TerraForm in the IPO, you may move the Court for appointment as lead plaintiff by no later than December 28, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
TerraForm investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
The action alleges that defendants failed to disclose that, by the time of the IPO: (1) TerraForm’s sponsor SunEdison, Inc. (“SunEdison”) was experiencing unprecedented losses; (2) SunEdison was experiencing severe liquidity and debt issues that ended its ability to develop projects to sell to TerraForm; and (3) the aggressive growth plans for SunEdison and TerraForm were unachievable.
On August 6, 2015, only two days after the TerraForm IPO closed, SunEdison reported a loss of $263 million in its second quarter on $455 million of revenue, and debt of nearly $11 billion. On this news, TerraForm’s share price fell $2.39 to close at $11.27 on August 6, 2015.
Then, on October 7, 2015, SunEdison said it did not expect to sell any projects to TerraForm through the next year.
The price of TerraForm’s shares has continued to trade far below its $15.00 per share IPO price, falling by over 54% since the IPO.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP is a nationally recognized law firm committed to advancing investor rights and promoting corporate responsibility.
For twelve years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms, including in 2015.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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