Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $14.75 Million Settlement in the TerraForm Power Inc (NASDAQ:TERP) Investor Lawsuit

Via: ReleaseWire

Updated 11:15 AM CST, Wed, December 27,2017

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of TerraForm Power Inc (NASDAQ:TERP) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on January 5, 2018 and NASDAQ:TERP investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 12/27/2017 -- A deadline is coming up on January 5, 2018 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of TerraForm Power Inc (NASDAQ:TERP) between July 18, 2014 and March 15, 2016.

Investors who purchased a significant amount of shares of TerraForm Power Inc (NASDAQ:TERP) between July 18, 2014 and March 15, 2016, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the TerraForm Power Inc (NASDAQ: TERP) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/terraform-power-inc-nasdaq-terp-investor-securities-class-action-lawsuit-04042016

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is January 5, 2018. The class action administrator for this case is JND Legal Administration.

The lawsuit was originally filed in the U.S. District Court for the District of Maryland over alleged violations of Federal Securities Laws by TerraForm Power Inc in connection with certain allegedly false and misleading statements made between May 7, 2015 and March 15, 2016.

TerraForm Power Inc was founded in 2014. The Company was formerly known as SunEdison Yieldco Inc and changed its name to TerraForm Power Inc in May 2014. TerraForm Power Inc's controlling shareholder is SunEdison Inc, and there is significant overlap between the management of TerraForm Power Inc and SunEdison and SunEdison's other affiliates: Brian Wuebbels, TerraForm Power Inc's former Chief Executive Officer ("CEO"), has served as Chief Financial Officer ("CFO") and Executive Vice President of SunEdison since May 2012 and as SunEdison's Chief Administrative Officer since December 2014; Rebecca Cranna ("Cranna"), TerraForm Power's CFO, has served as SunEdison's Senior Vice President and CFO of Global Asset Management since 2014; and defendant Carlos Domenech Zornoza ("Domenech"), TerraForm Power Inc's former CEO, served as Executive Vice President of SunEdison from November 2009 to January 2014, and has held management positions at other SunEdison affiliates, including SunEdison Capital, LLC and SunEdison LLC.

According to the complaint the plaintiff alleges on behalf of purchasers of TerraForm Power Inc (NASDAQ: TERP) common shares between May 7, 2015 and March 15, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 7, 2015 and March 15, 2016 defendants made false and/or misleading statements and/or failed to disclose that TerraForm Power Inc's Management Services Agreement with SunEdison exposed TerraForm Power Inc to risks associated with SunEdison's internal financial controls and any deficiencies therein;, that consequently, TerraForm Power Inc lacked effective internal financial controls, and that as a result of the foregoing, TerraForm Power Inc public statements were materially false and misleading at all relevant times.

Those who purchased shares of TerraForm Power Inc (NASDAQ: TERP) 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

For more information on this press release visit:
http://www.sbwire.com/press-releases/deadline-upcoming-in-1475-million-settlement-in-the-terraform-power-inc-nasdaqterp-investor-lawsuit-908639.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com