SAN DIEGO, May 03, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in Maryland on behalf of certain purchasers of shares of TerraForm Power Inc (NASDAQ:TERP) over alleged Securities Laws Violations by TerraForm Power. The lawsuit seeks to recover damages for TerraForm Power investors.
Investors who purchased shares of TerraForm Power Inc (NASDAQ:TERP) have certain options and for certain investors are short and strict deadlines running. Deadline: June 3, 2016. (NASDAQ:TERP) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
TerraForm Power Inc was founded in 2014. The Company was formerly known as SunEdison Yieldco, Inc. and changed its name to TerraForm Power, Inc. in May 2014. TerraForm Power’s controlling shareholder is SunEdison, Inc, and there is significant overlap between the management of TerraForm Power and SunEdison and SunEdison’s other affiliates: Brian Wuebbels, TerraForm Power’s former Chief Executive Officer (“CEO”), has served as Chief Financial Officer (“CFO”) and Executive Vice President of SunEdison since May 2012 and as SunEdison’s Chief Administrative Officer since December 2014; Rebecca Cranna, TerraForm Power’s CFO, has served as SunEdison’s Senior Vice President and CFO of Global Asset Management since 2014; and Carlos Domenech Zornoza, TerraForm Power’s former CEO, served as Executive Vice President of SunEdison from November 2009 to January 2014, and has held management positions at other SunEdison affiliates, including SunEdison Capital, LLC and SunEdison LLC.
The plaintiff alleges that the defendants made certain false and/or misleading statements and/or failed to disclose that TerraForm Power’s Management Services Agreement with SunEdison exposed TerraForm Power to risks associated with SunEdison’s internal financial controls and any deficiencies therein, that consequently, TerraForm Power Inc lacked effective internal financial controls, and that as a result of the foregoing, TerraForm Power Inc's public statements were materially false and misleading at all relevant times.
Shares of TerraForm Power Inc (NASDAQ:TERP) declined from as high as $42.66 per share in April 2015 to as low as $6.73 per share in late November 2015.
Those who purchased TerraForm Power Inc (NASDAQ:TERP) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.