WILMINGTON, Del., Jan. 04, 2016 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced that a securities fraud class action lawsuit has been filed in the U.S. District Court, Northern District of California, Case No. 15-cv-04981, on behalf of investors of TerraForm Global, Inc. (NASDAQ:GLBL) (“TerraForm Global” or the “Company”) that purchased TerraForm securities pursuant or traceable to the Company's initial public offering on July 31, 2015 (“IPO”).
A copy of the complaint is available from Andrews & Springer LLC or the Court. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook – www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants failed to disclose that, by the time of the IPO: (1) TerraForm Global's sponsor SunEdison, Inc. ("SunEdison") was experiencing unprecedented losses; (2) SunEdison was experiencing severe liquidity and debt issues that ended its ability to develop projects to sell to TerraForm; and (3) the aggressive growth plans for SunEdison and TerraForm Global were unachievable.
Additionally, on December 1, 2015, Forbes reported that TerraForm Global directors Mark Lerdal and Mark Florian resigned from the board of directors. In Florian’s resignation letter, which has been publicly filed with the SEC, Florian stated that: “As an independent director, I have been working hard and in good faith to protect the interests of the stockholders. As a result of the Board’s actions today, I do not believe I will be able to do so going forward and therefore resign.”
On December 2, 2015, Fool.com issued an article reporting that SunEdison’s yieldcos (TerraForm Power, Inc. and TerraForm Global, Inc.) have become “piggy banks” for the benefit of their struggling debt-strapped parent, SunEdison, that “could end in a disaster” for shareholders.
As a result of this news, the Company's shares closed at $5.43 yesterday, for a cumulative loss of more than $8 per share since the Company’s IPO, causing shareholders to incur millions in losses. TerraForm Global’s stock price is currently more than trading 50% below its IPO price.
If you currently own shares of TerraForm Global and wan to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/terraform-global-securities-fraud-class-action or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook – www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013