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NEW YORK, April 08, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against TerraForm Power, Inc. (“TerraForm” or the “Company”) (Nasdaq:TERP) in the United States District Court for the District of Maryland on behalf of a class consisting of all persons or entities who purchased TerraForm securities between May 7, 2015 and March 15, 2016, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, on February 29, 2016, TerraForm announced that it was delaying the filing of its fiscal year 2015 Form 10-K with the SEC and also expected to file the Form 10-K by March 15, 2016. TerraForm cited only “the need to complete all steps and tasks necessary to finalize the Company’s annual financial statements and other disclosures required to be in the filing.” On that same day, SunEdison, Inc. (“SunEdison”), TerraForm’s controlling shareholder, also filed a Form 12b-25, Notification of Late Filing, regarding the delayed filing of SunEdison’s Annual Report on Form 10-K for the year ended December 31, 2015.
On March 16, 2016, SunEdison announced a further delay in the filing of its Form 10-K beyond the extended due date of March 15, 2016, after “the identification by management of material weaknesses in its internal controls over financial reporting.”
On March 16, 2016, TerraForm also announced a further delay in the filing of its Form 10-K beyond the extended due date of March 15, 2016, after identifying material weaknesses in its internal controls over financial reporting.
On this news, shares of TerraForm dropped over 7%, closing at $9.72 per share on March 16, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 3, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
