SAN FRANCISCO, April 14, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts TerraForm Power, Inc. (NASDAQ:TERP) investors of the June 3, 2016 lead plaintiff deadline in the securities class action lawsuit related to defendants’ alleged false and misleading statements and/or failures to disclose the ineffectiveness of TerraForm Power’s internal controls.
If you suffered significant losses because of your purchases of TerraForm Power stock between May 7, 2015 and March 15, 2016 or have information that will help our investigation contact Hagens Berman 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. The lawsuit was filed in the U.S. District Court for the District of Maryland, Greenbelt Division and investors have until June 3, 2016 to move the court to participate as a lead plaintiff.
The class action complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) TerraForm’s Management Services Agreement with SunEdison exposed TerraForm to risks associated with SunEdison’s internal financial controls and any deficiencies therein; (2) consequently, TerraForm lacked effective internal financial controls; and, (3) as a result, TerraForm’s public statements were materially false and misleading at all relevant times.
On February 29, 2016, SunEdison announced that it would not timely file its 2015 Form 10-K with the SEC because, in part, its Audit Committee was investigating whether SunEdison’s anticipated financial position was accurate. The same day, TerraForm also announced it would not timely file its 2015 Form 10-K because of “the need to complete all steps and tasks necessary to finalize the Company’s annual financial statements and other disclosures[.]” Both companies stated they expected to file their Forms 10-K by March 15, 2016. On March 16, 2016, both companies announced further delays in their filings. SunEdison explained its management identified material weaknesses in its internal controls. TerraForm explained “if there are control deficiencies at SunEdison, including with respect to the systems we utilize, it is necessary for us to assess whether those deficiencies could affect our financial reporting[.]” On this news, TerraForm stock fell $0.83, or 7.87%, to close at $9.72 on March 16, 2016.
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.
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