Rigrodsky & Long, P.A.:
-
Do you, or did you, own shares of TerraForm Global, Inc. (NASDAQ
GS: GLBL)?
-
Did you purchase your shares in connection with the July 31, 2015
initial public offering?
-
Did you lose money in your investment?
Rigrodsky
& Long, P.A. announces that a complaint has been filed in the
United States District Court for the Northern District of California on
behalf of all persons or entities that purchased the common stock of
TerraForm Global, Inc. (“TerraForm” or the “Company”) (NASDAQ GS: GLBL)
in connection with the Company’s July 31, 2015 initial public offering
(“IPO”), alleging violations of the Securities Exchange Act of 1933 and
the Securities Exchange Act of 1934 against the Company, the sponsor of
the IPO, and certain of the Company’s officers (the “Complaint”).
If you purchased shares of TerraForm in connection with its IPO, and
wish to discuss this action or have any questions concerning this notice
or your rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by
e-mail to info@rl-legal.com; or
at: http://rigrodskylong.com/investigations/terraform-global-inc-glbl.
The Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company’s business, operations and prospects.
As a result of defendants’ alleged false and misleading statements, the
Company’s stock traded at artificially inflated prices during the Class
Period.
According to the Complaint, on July 31, 2015, TerraForm conducted an IPO
in which it sold 45 million shares of stock at $15.00 per share, raising
$675 million. Less than a week later, on August 6, 2015, TerraForm’s
parent company, SunEdison, Inc. (“SunEdison”), announced that it had
incurred a $256 million second-quarter loss, which was five times more
than the $51 million loss SunEdison posted for the same period in 2014.
SunEdison also announced that its Selling, General, & Administrative
(“SG&A”) expenses had increased to $259 million for the second quarter
2015, compared to $108 million for the same period in the previous year.
Following the announcement of these SunEdison results, the price of
TerraForm’s stock fell more than 17%.
Then, on October 7, 2015, SunEdison revised down its installation
projections for 2016 and said it did not expect to sell any projects
through next year to TerraForm Global. Rather, SunEdison will be looking
exclusively for outside buyers or will hold the projects on SunEdison’s
balance sheet.
Since the IPO, the price of TerraForm’s stock has dropped more than 44%,
closing at $7.52 per share on October 28, 2015.
If you wish to serve as lead plaintiff, you must move the Court no later
than December 28, 2015. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. Any member of the proposed 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.
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006891/en/
Copyright Business Wire 2015