SAN DIEGO, Nov. 04, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in California on behalf of certain purchasers of shares of TerraForm Global Inc (NASDAQ:GLBL) over alleged Securities Laws Violations.
Investors who purchased shares of TerraForm Global Inc (NASDAQ:GLBL) have certain options and for certain investors are short and strict deadlines running. Deadline: December 28, 2015. NASDAQ:GLBL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The lawsuit was filed against TerraForm Global Inc, its sponsor of the Initial Public Offering (“IPO”) and TerraForm Global’s controlling entity, SunEdison, Inc, and certain of TerraForm Global’s senior executives and directors who signed the July 31, 2015 Registration Statement for TerraForm Global’s IPO.
The plaintiff claims that unbeknownst to investors, the Registration Statement’s representations for TerraForm Global’s IPO were materially untrue, inaccurate, misleading, and/or incomplete because they failed to disclose, inter alia, that, by the time of the July 31, 2015 IPO, SunEdison was experiencing unprecedented losses that would be revealed mere days after TerraForm Global’s IPO was finalized, that SunEdison was experiencing severe liquidity and debt issues that ended its ability to develop projects to sell to TerraForm Global, meaning that the Company’s “YieldCo” business model was effectively moribund from the outset, and that the aggressive growth plans for SunEdison and TerraForm Global were unachievable.
On July 31, 2015, TerraForm Global Inc held its IPO, offering 45 million shares at $15 per share. SunEdison sponsored TerraForm Global Inc’s IPO. On August 4, 2015, TerraForm Global Inc completed its IPO.
On August 6, 2015, SunEdison reported a second-quarter loss of $256 million, wider than its $51 million loss during the same period last year. In addition, SunEdison’s Selling, General, & Administrative (“SG&A”) expenses increased to $259 million (57% of sales) in 2Q15 from $108 million (25.0% of sales) in 2Q14.
Shares of TerraForm Global Inc (NASDAQ:GLBL) declined to as low as $7.11 per share on October 27, 2015.
Those who purchased TerraForm Global Inc (NASDAQ:GLBL) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.