SOURCE: Hagens Berman Sobol Shapiro LLP

Hagens Berman Sobol Shapiro LLP

April 28, 2016 08:30 ET

Hagens Berman Reminds TerraForm Power, Inc. (NASDAQ: TERP) Investors of June 3, 2016 Lead Plaintiff Deadline in Deficient-Internal-Control-Related Securities Class Action

SAN FRANCISCO, CA--(Marketwired - April 28, 2016) -  Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds 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 complaint alleges that on February 29, 2016, SunEdison (TerraForm's controlling shareholder) announced that it would not timely file its 2015 Form 10-K, due to the fact it was investigating allegations that its financial statements were inaccurate.

The same day, TerraForm similarly announced it would not timely file its 2015 Form 10-K, but only vaguely explained it had not finalized its financial statements and disclosures.

On March 16, 2016, SunEdison disclosed its management identified material internal control weaknesses. 

The same day, TerraForm announced that SunEdison's material control weaknesses required it "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.

"Strong internal controls are critical toward ensuring against employee misconduct and financial statement accuracy, and TerraForm's outsourcing of that function to its controlling shareholder has damaged its shareholders," said Hagens Berman partner Reed Kathrein.

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

About Hagens Berman
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Contact Information

  • Contact:
    Reed Kathrein
    510-725-3000