SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

April 05, 2016 15:30 ET

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in TerraForm Power, Inc. to Contact the Firm Before Lead Plaintiff Deadline

NEW YORK, NY--(Marketwired - April 05, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in TerraForm Power, Inc. ("TerraForm" or the "Company") (NASDAQ: TERP) of the June 3, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the District of Maryland on behalf of all those who purchased TerraForm securities between May 7, 2015 and March 15, 2016 (the "Class Period"). The case, Chamblee v. TerraForm Power, Inc. et al, No. 1:16-cv-00981 was filed on April 4, 2016, and has been assigned to Judge J. Frederick Motz.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by allegedly making materially false and misleading statements regarding TerraForm's business, operational and compliance policies. The lawsuit alleges that: (1) TerraForm's Management Services Agreement with SunEdison exposed the Company to risks in connection 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.

Specifically, the lawsuit alleges that on February 29, 2016, SunEdison announced that it was delaying the filing of its fiscal year 2015 Form 10-K with that the SEC. In addition, on the same day, TerraForm announced that it was delaying its filing of its fiscal year 2015 Form 10-K. On March 16, 2016, SunEdison and TerraForm announced another delay in the filing of their Form 10-K after identifying material weaknesses in their internal controls over financial reporting.

On this news, share price fell $0.83 per share to close at $9.72 per share, a ~7.87 % drop, on March 16, 2016.

Request more information now by clicking here: www.faruqilaw.com/TERP. There is no cost or obligation to you.

Take Action

If you invested in TerraForm common stock or options between May 7, 2015 and March 15, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/TERP. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding TerraForm's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    685 Third Avenue, 26th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330