SAN FRANCISCO, Dec. 07, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors with losses over $50,000 of the December 28, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against TerraForm Global, Inc. (NASDAQ:GLBL) related to misrepresentations made in the Company’s Initial Public Offering.
If you purchased the common stock of TerraForm in its July 31, 2015 IPO, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing GLBL@hbsslaw.com or visiting http://www.hbsslaw.com/cases/glbl.
The lawsuit was filed in the U.S. District Court for the Northern District of California against TerraForm, its controlling entity, SunEdison, Inc., the sponsors of TerraForm’s IPO, and certain of TerraForm’s senior executives and directors who signed the July 31, 2015 Registration Statement.
The complaint alleges that certain statements made in the offering materials failed to disclose that, at the time of the July 31, 2015 IPO, SunEdison was experiencing unprecedented losses that would be revealed in the days following TerraForm’s IPO. At the time, SunEdison was also experiencing severe liquidity and debt issues that ended its ability to develop projects that they planned to sell to TerraForm. The end result is that TerraForm’s very business model is a non-starter and the growth plans for both TerraForm and SunEdison were unachievable.
The misrepresentations were revealed to the market only two days after the TerraForm IPO closed. On August 6, 2015, SunEdison reported a loss of $263 million in its second quarter on $455 million of revenue, and debt of nearly $11 billion. On this news, TerraForm’s share price fell $2.39 to close at $11.27 on August 6, 2015. On October 7, 2015, SunEdison said it did not expect to sell any projects to TerraForm through the next year.
If you lost more than $50,000 in your investments in GLBL common stock and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding GLBL should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email GLBL@hbsslaw.com.
About Hagens Berman
Hagens Berman is headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter at http://www.hbsslaw.com/hagens-berman-investor-fraud-center/securitites-newsletter, and visit the blog at www.meaningfuldisclosure.com. For the latest news visit http://www.hbsslaw.com/cases/pressreleases or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, (510) 725-3000
Source:Hagens Berman Sobol Shapiro LLP