NEW YORK, April 7, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against TerraForm Power, Inc. ("TerraForm" or "the Company") (NASDAQ: TERP). The class action has been filed in the United States District Court, District of Maryland, on behalf of a class consisting of all persons or entities who purchased TerraForm securities during the period 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").
TerraForm, founded in 2014, owns and operates solar and wind generation assets serving utility, commercial, and residential customers.
The Company was formerly known as SunEdison Yieldco, Inc. and changed its name to TerraForm Power, Inc. in May 2014. TerraForm's controlling shareholder is SunEdison, Inc. has a large overlap between the management of TerraForm and SunEdison and its affiliates: Brian Wuebbels, who served as former Chief Executive Officer, Chief Financial Officer and Executive Vice President of SunEdison since May 2012 and as SunEdison's Chief Administrative Officer since December 2014; Rebecca Cranna, TerraForm's CFO, who has served as SunEdison's Senior Vice President and CFO of Global Asset Management since 2014; and Carlos Domenech Zornoza, TerraForm's former CEO, who served as Executive Vice President of SunEdison from November 2009 to January 2014, and has held management positions at other SunEdison affiliates.
The Complaint alleges that throughout the Class Period, the Defendants made materially false and misleading statements regarding the TerraForm's business, operational and compliance policies. Particularly, Defendants made false and/or misleading statements and/or failed to disclose that: (1) TerraForm's Management Services Agreement with SunEdison opened TerraForm to risks associated with SunEdison's internal financial controls and any deficiencies within; (2) subsequently, TerraForm lacked effective internal financial controls; and (3) as a result of the foregoing, TerraForm's public statements were materially false and misleading at all relevant times.
On February 29, 2016, TerraForm stated that it would be postponing the filing of its annual report, Form 10-K for the fiscal year 2015 with the United States Securities and Exchange Commission. TerraForm said that they expected to file the Form 10-K by March 15, 2016. On March 16, 2016, TerraForm Power released that it is once again delaying the filing of its Form 10-K beyond the March 15, 2016 scheduled date and attributed the postponement to material weaknesses in its internal controls over financial reporting. Following this news, TerraForm stock dropped $0.83, or 7.87%, to close at $9.72 per share on March 16, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!terp/u5y56. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in TerraForm you have until June 3, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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