NEW YORK, Jan. 24, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against SunEdison, Inc. (“SunEdison” or the “Company”)(NYSE:SUNE) and certain of its officers. The class action, filed in United States District Court, Eastern District of Missouri, Eastern Division, and docketed under 15-cv-01809, is on behalf of a class consisting of all persons or entities who purchased SunEdison securities between June 16, 2015 and October 6, 2015 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”).
If you are a shareholder 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. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
SunEdison is a diversified developer of wind and solar energy projects, having developed over 1,300 solar and wind projects in 20 countries. Defendants misled investors by creating the picture that the Company had the financial wherewithal to sustain continued growth. However, as the Company continued its acquisition binge, it was revealed that the Company’s financial viability was materially overstated.
The price of SunEdison stock began its decline on July 20, 2015, after the Company had announced yet another acquisition it did not have the cash to support. On October 5, 2015, Company could no longer hide its prior misstatements when it revealed that it was laying off a 15 percent of its workforce.
Once the truth was revealed, 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 percent price fall.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com