NEW YORK, Dec. 1, 2015 /PRNewswire/ -- The Law firm Gardy & Notis, LLP filed a class action lawsuit yesterday in the United States District Court for the Eastern District of Missouri, Case No. 15-cv-1769, on behalf of stockholders who purchased or otherwise acquired securities of SunEdison, Inc. ("SunEdison" or the "Company") (NYSE: SUNE) from June 16, 2015 through October 6, 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").
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. On October 5, 2015, the truth about the Company's financial soundness was revealed when the Company announced it was laying off 15% of its workforce. SunEdison's stock dropped to $8.69, from a high of $30.96 at the start of the Class Period on June 16, 2015 – a 72% drop.
Plaintiff seeks to recover money damages on behalf of all purchasers of SunEdison securities during the Class Period (the "Class"). The plaintiff is represented by Gardy & Notis, LLP, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you purchased or acquired SunEdison securities from June 16, 2015 through October 6, 2015, and you wish to serve as lead plaintiff, you may move the Court no later than 60 days from today (no later than February 1, 2016). Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.
To learn more about the lawsuit or to obtain a copy of the complaint, please contact plaintiff's counsel, Mark C. Gardy or Jennifer Sarnelli at Gardy & Notis, LLP, 126 East 56th Street, New York, NY 10022, Telephone: 212-905-0509, Fax: 212-905-0508, email: firstname.lastname@example.org or email@example.com.
SOURCE Gardy & Notis, LLP