SunEdison investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, SunEdison is a diversified developer of wind and solar energy projects, having developed over 1,300 solar and wind projects in 20 countries.
The complaint alleges that the defendants misled investors by creating the picture that SunEdison had the financial wherewithal to sustain continued growth.
The Class Period commences on June 16, 2015, when SunEdison announced in a press release that it has signed a definitive agreement to acquire 100 percent of Globeleq Mesoamerica Energy, a renewable energy company based in Central America. The complaint alleges that in the press release, Ahmad Chatila, SunEdison’s President and CEO, touted the expansion of SunEdison, encouraging investors to buy into the big lie that the company was building a plan of sustainable growth.
Then, on October 5, 2015, SunEdison filed an 8-K with the SEC announcing layoffs of 15% of its workforce and restructuring charges of $30 to $40 million for the 2015 Third Quarter through the 2016 First Quarter. The following day, the Wall Street Journal reported in an article entitle “SunEdison Won’t Complete $700 Million Buyout of Latin America Power” that SunEdison failed to make a required $400 million upfront payment for a roughly $700 million planned acquisition of Latin American Power (“LAP”). The complaint further alleges that the article reported that attorneys for LAP stated that SunEdison was in breach of its obligations under the deal.
Following this news, on October 6, 2015, SunEdison stock closed at $8.69 from a high of $30.96 at the start of the Class Period on June 16, 2015, a decline of 72%.
If you are a member of the class described above, you may no later than February 1, 2016, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706