SAN FRANCISCO, June 01, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Hagens Berman Sobol Shapiro LLP:
To: All persons or entities who purchased or otherwise acquired securities of TerraForm Power, Inc. (“TerraForm Power” or the “Company”) (NASDAQ:TERP) between May 7, 2015 and March 15, 2016.
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.
If you suffered $150,000 or more in losses in TERP, contact Hagens Berman Sobol Shapiro LLP partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing TERP@hbsslaw.com or visiting https://www.hbsslaw.com/cases/TERP.
Because TerraForm Power has still not filed its 2015 Form 10-K or its 1st quarter 2016 Form 10-Q, on March 15, 2016 and May 12, 2016 Nasdaq notified the Company that due to noncompliance with listing requirements the Company would be delisted from the exchange unless it regained compliance with them.
The Company’s delays and noncompliance result from having outsourced internal control functions to a now-bankrupt controlling shareholder (“SunEdison”) and SunEdison’s March 16, 2016 announcement that it identified its own material internal control weaknesses that prevented it from timely filing its 2015 Form 10-K.
Therefore, TerraForm announced that day, SunEdison’s insufficient controls required the Company “to assess whether those deficiencies could affect our financial reporting[.]” On this news, TerraForm stock fell 7.87%.
“Strong internal controls are critical toward ensuring against employee misconduct and financial statement accuracy, and TerraForm’s outsourcing of that function to its controlling shareholder has damaged its shareholders,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding TerraForm Power, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email TERP@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.