NEW YORK, May 18, 2016 (GLOBE NEWSWIRE) -- Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a global investor rights law firm, reminds investors that June 3, 2016 is the last day to file lead plaintiff papers in the securities lawsuit against TerraForm Power, Inc. (“TerraForm” or “Company”) (NASDAQ:TERP) and certain of its directors (collectively, “Defendants”). TerraForm investors are encouraged to contact Scott+Scott at (800) 404-7770 or email scottcases@scott-scott.com to discuss their legal rights.
TerraForm owns and operates solar and wind generation assets serving utility, commercial, and residential customers. TerraForm was formerly known as SunEdison Yieldco, Inc. and changed its name to TerraForm Power, Inc. in May 2014. TerraForm’s controlling shareholder is SunEdison, Inc. (“SunEdison”), and there is significant overlap between the management of TerraForm and SunEdison.
About the Lawsuit
The Complaint alleges that Defendants made materially false and misleading statements regarding TerraForm’s business, operational, and compliance policies. Particularly, Defendants made false and/or misleading statements and/or failed to disclose that: (1) TerraForm’s Management Services Agreement with SunEdison opened TerraForm to risks associated with SunEdison's internal financial controls and any deficiencies within; (2) subsequently, TerraForm lacked effective internal financial controls; and (3) as a result of the foregoing, TerraForm's public statements were materially false and misleading at all relevant times.
On February 29, 2016, TerraForm stated that it would be postponing the filing of its annual report, Form 10-K, for the fiscal year 2015 with the United States Securities and Exchange Commission. TerraForm said that it expected to file the Form 10-K by March 15, 2016. On March 16, 2016, TerraForm released that it is once again delaying the filing of its Form 10-K beyond the March 15, 2016 scheduled date, and attributed the postponement to material weaknesses in its internal controls over financial reporting. Following this news, TerraForm stock dropped $0.83, or 7.87%, to close at $9.72 per share on March 16, 2016.
What You Can Do
If you purchased shares of TerraForm, you may have legal claims against the Company. If you want to discuss filing lead plaintiff papers or have questions about your legal rights, please contact by telephone at (800) 404-7770, or by email at scottcases@scott-scott.com or mburnett@scott-scott.com.
About Scott + Scott, Attorneys at Law, LLP
Scott+Scott has significant experience prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm has offices in New York, London, Connecticut, California, and Ohio. Please visit www.scott-scott.com for more information about the firm.