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If you purchased of shares of TerraForm Global Inc (NASDAQ:GLBL), you have certain options and for certain investors are short and strict deadlines running. Deadline: December 28, 2015. NASDAQ:GLBL investors should contact the Shareholders Foundation, Inc.
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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
October 28, 2015 (Shareholders Foundation) - An investor in shares of TerraForm Global Inc (NASDAQ:GLBL) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged securities laws violations against TerraForm Global Inc, its sponsor of the IPO and TerraForm Global’s controlling entity, SunEdison, Inc, and certain of TerraForm Global’s senior executives and directors who signed the July 31, 2015 Registration Statement for TerraForm Global’s Initial Public Offering.
The plaintiff claims that unbeknownst to investors, the Registration Statement’s representations for TerraForm Global’s Initial Public Offering (“IPO”) 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, SunEdison was experiencing unprecedented losses that would be revealed mere days after TerraForm Global’s IPO was finalized, that 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 that the aggressive growth plans for SunEdison and TerraForm Global were unachievable.
On July 31, 2014, TerraForm Global Inc held its Initial Public Offering (“IPO”), offering 45 million shares at $15 per share. SunEdison sponsored TerraForm Global Inc’s IPO. On August 4, 2015, TerraForm Global Inc completed its IPO.
TerraForm Global Inc reported that its annual Total Revenue rose from $22.20 million in 2013 to $39.45 million while its Net Loss increased from $2.28 million in 2013 to $5.04 million in 2014.
On August 6, 2015, SunEdison reported a second-quarter loss of $256 million, wider than its $51 million loss during the same period last year. In addition, SunEdison’s Selling, General, & Administrative (“SG&A”) expenses increased to $259 million (57% of sales) in 2Q15 from $108 million (25.0% of sales) in 2Q14. Shares of TerraForm Global Inc (NASDAQ:GLBL) declined to as low as $7.11 per share on October 27, 2015.