Please list your purchase and sale transaction(s) in the TerraForm Global, Inc. (Nasdaq: GLBL) security that is subject of this action pursuant and or traceable to the company’s Initial Public Offering (“IPO”) on or around July 31, 2015.
Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of TerraForm Global, Inc. (Nasdaq: GLBL) (“TerraForm Global”) pursuant and or traceable to the company’s Initial Public Offering (“IPO”) on or around July 31, 2015.
According to the complaint, TerraForm Global owns and operates contracted “clean power” generation assets in emerging market countries. Prior to its IPO, TerraForm Global was known as “SunEdison Emerging Markets Co.” The bulk of TerraForm Global’s business is acquiring power generation assets that produce long-term contracted cash flows, primarily by serving utility and commercial customers from SunEdison.
The complaint alleges that TerraForm and certain of its executive officers made a series of false and misleading statements during the Class Period, and failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that the defendants failed to disclose a number of problems seriously undermining TerraForm Global’s business and prospects. According to the complaint and unbeknownst to investors, the Registration Statement’s representations were materially untrue, inaccurate, misleading, and/or incomplete because they failed to disclose, inter alia, that, by the time of the July 31, 2015 IPO: (i) SunEdison was experiencing unprecedented losses that would be revealed mere days after TerraForm Global’s IPO was finalized; (ii) SunEdison was experiencing severe liquidity and debt issues that ended its ability to develop projects to sell to TerraForm Global, meaning that the company’s “YieldCo” business model was effectively moribund from the outset; and (iii) the aggressive growth plans for SunEdison and TerraForm Global were unachievable.
On August 6, 2015, only two days after the TerraForm Global IPO closed, SunEdison reported a loss of $263 million in its second quarter on $455 million of revenue, and a net loss of $0.93 per share compared to consensus estimates of a net loss of $0.55 per share. SunEdison’s debt was also reported at nearly $11 billion. Following this news, the company’s shares fell from $13.66 on August 5 to $11.27 on August 6, a drop of over 17%.
Then, on October 7, 2015, SunEdison revised down its installation projections for 2016 and said it did not expect to sell any projects through next year to TerraForm Global. Rather, SunEdison will be looking exclusively for outside buyers or will hold the projects on SunEdison’s balance sheet.
A lead plaintiff is a representative party that acts on behalf of other class members in directing thelitigation. In order to be appointed lead plaintiff, the Court must determine that the class member'sclaim 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 thisaction 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