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
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.
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, please fill out the form below or contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding TerraForm’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.