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SunEdison Inc (NYSE: SUNE) Investor Securities Class Action Lawsuit 11/30/2015

  • If you purchased shares of SunEdison Inc (NYSE: SUNE), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Sunedison Inc
Security
NYSE: SUNE

Case Name
SunEdison Shareholder Class Action Lawsuit 11/30/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Missouri

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Summary

October 6, 2016 - The case was transferred to the U.S. District Court for the Southern District of New York.

July 22, 2016 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased SunEdison Inc (NYSE: SUNE) common shares between August 7, 2014 and April 4, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 7, 2014 and April 4, 2016.

March 24, 2016 - Lead plaintiff and lead counsel were appointed.

November 30, 2015 - An investor in shares of SunEdison Inc (NYSE: SUNE) filed a lawsuit in the U.S. District Court for the Eastern District of Missouri over alleged violations of Federal Securities Laws by SunEdison Inc in connection with certain allegedly false and misleading statements made between June 16, 2015 through October 6, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of SunEdison Inc (NYSE: SUNE) common shares between June 16, 2015 through October 6, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that SunEdison Inc and certain corporate insiders made materially misleading misrepresentations and omissions regarding SunEdison Inc's business and operations. Among other things, the lawsuit alleges that defendants misrepresented and failed to disclose that SunEdison Inc did not have the financial resources to sustain its acquisition binge.

SunEdison Inc reported that its annual Total Revenue rose from over $2 billion in 2013 to over $2.48 billion in 2014 while its Net Loss increased from $586.70 million in 2013 to over $1.18 billion in 2014.

Shares of SunEdison Inc (NYSE: SUNE) grew from $3.70 per share in early 2013 to as high as $31.56 per share in July 2015.

On October 5, 2015, the Company disclosed it was laying off 15% of its workforce.

On November 10, 2015, SunEdison Inc reported third-quarter results before the market open. SunEdison Inc cut its full-year guidance for unlevered annualized cash available for distribution (“CAFD) for retained megawatts (“MW”) to $261-$271 million from $275-$325 million.

Shares of SunEdison Inc (NYSE: SUNE) declined to as low as $2.81 per share on November 17, 2015.