NEW YORK, Jan. 19, 2016 /PRNewswire/ -- The law firm Gardy & Notis, LLP filed an amended class action lawsuit today in the United States District Court for the Eastern District of Missouri, Case No. 15-cv-1769, on behalf of investors who purchased or otherwise acquired securities of SunEdison, Inc. ("SunEdison" or the "Company") (NYSE: SUNE) from August 7, 2014 through November 9, 2015, inclusive (the "Class Period"). The action alleges that SunEdison and certain of its executive officers violated Sections 10(b) and 20(a) of the Securities Exchange Act (the "Exchange Act").
If you are an investor who purchased SunEdison securities during the Class Period, you have until February 1, 2016 to ask the Court to appoint you as Lead Plaintiff for the Class. If you have questions about the case or would like to get a copy of the complaint, please contact Mark Gardy or Jennifer Sarnelli at Gardy & Notis, LLP, 126 East 56th Street, 8th Floor, New York, NY 10022, email: [email protected] or [email protected].
The lawsuit alleges that SunEdison and certain corporate insiders made materially misleading misrepresentations and omissions regarding SunEdison's business and operations. Among other things, the lawsuit alleges that defendants misrepresented and failed to disclose that SunEdison did not have the financial resources to sustain its acquisition binge. The Company's true financial condition was revealed through a series of disclosures. On November 9, 2015, the last day of the Class Period, the Company filed a Form 10-Q with the SEC disclosing significant new facts about its true financial condition, and revealed that the Company was in fact facing a cash and liquidity crisis. In response to these disclosures, SunEdison's stock dropped from a high of $33.45 per share to $4.54 per share – an 86% price decline.
Plaintiff seeks to recover money damages on behalf of all purchasers of SunEdison securities during the Class Period. The plaintiff is represented by Gardy & Notis, LLP, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Gardy & Notis, LLP has investigated the facts of this action and filed the first complaint on behalf of SunEdison investors.
SOURCE Gardy & Notis, LLP