An investor, who purchased shares of TerraForm Global Inc (NASDAQ:GLBL), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged securities laws violations against TerraForm Global Inc, its sponsor of the 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 Initial Public Offering
Investors who purchased of 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 plaintiff claims that unbeknownst to investors, the Registration Statement’s representations for TerraForm Global’s Initial Public Offering (“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, 2014, TerraForm Global Inc held its Initial Public Offering (“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 $4.00 per share on November 30, 2015.
Those who purchased shares of TerraForm Global Inc (NASDAQ:GLBL) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com