NEW YORK, April 5, 2016 /PRNewswire/ -- Bernstein Liebhard LLP announced that a class action has been filed in the United States District Court for the District of Maryland on behalf of a class (the "Class") consisting of all persons or entities who purchased the securities of TerraForm Power Inc. ("TerraForm" or the "Company") (NASDAQ: TERP) between May 7, 2015 and March 15, 2016, inclusive.
TerraForm owns and operates solar and wind generation assets serving utility, commercial, and residential customers. TerraForm's controlling shareholder is SunEdison, Inc. ("SunEdison"). The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) TerraForm's Management Services Agreement with SunEdison exposed TerraForm to risks associated with SunEdison's internal financial controls and any deficiencies therein; (ii) consequently, TerraForm lacked effective internal financial controls; and (iii) as a result of the foregoing, TerraForm's public statements were materially false and misleading at all relevant times.
On February 29, 2016, SunEdison announced that it was delaying the filing of its fiscal year 2015 Form 10-K with the SEC, citing, among other things, ongoing inquiries and investigations by its Audit Committee relating to allegations concerning the accuracy of SunEdison's anticipated financial position.
On March 16, 2016, SunEdison announced a further delay in the filing of its Form 10-K. Also on March 16, 2016, TerraForm announced a delay in the filing of its Form 10-K, after identifying material weaknesses in its internal controls over financial reporting. On this news, TerraForm stock fell $0.83, or almost 8%, to close at $9.72 on March 16, 2016.
Bernstein Liebhard LLP is investigating all aspects of TerraForm's relationship with SunEdison.
Plaintiffs seek to recover damages on behalf of all Class members who bought TerraForm securities during the Class Period. If you purchased TerraForm securities during the Class Period, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 3, 2016.
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. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a TerraForm investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to the National Law Journal's "Plaintiffs' Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Maryland.
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SOURCE Bernstein Liebhard LLP