NEW YORK, Nov. 06, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of TerraForm Global, Inc. (“TerraForm” or the “Company”) (NASDAQ:GLBL) common stock pursuant or traceable to the Company’s Initial Public Offering and Registration Statement of July 31, 2015 (“IPO”).
If you purchased TerraForm Global securities pursuant to or traceable to the Company’s IPO, you may, no later than December 28, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the TerraForm Global Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com.
The complaint alleges that throughout the Class Period, Defendants failed to disclose material information in its Registration Statement, including failure to disclose that by the time of the IPO: (a) the IPO sponsor SunEdison was experiencing unprecedented losses that would be revealed just days after the finalization of the IPO; (b) SunEdison was experiencing liquidity and debt issues that ended its ability to develop projects to sell to TerraForm Global, thus the Company’s “Yield Co” business model was effectively moribund from the outset; and (c) the aggressive growth plans for SunEdison and TerraForm Global were unachievable.
On August 6, 2015, only two days after the TerraForm Global IPO closed, SunEdison reported a loss of $263 million in its second quarter on $455 million of revenue, and a net loss of $0.93 per share compared to consensus estimates of a net loss of $0.55 per share. SunEdison’s debt was also reported at nearly $11 billion. Following this news, the price of TerraForm Global shares fell from $13.66 on August 5 to $11.27 on August 6, a drop of over 17%.
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