TerraForm Global and SunEdison, Inc. are in trouble and the news does not sound good. Terraform filed a warning that it plans to delay reporting its 10k due to weakness related to Sunedison. SunEdison.
As we quipped yesterday after “The Rockefeller Brothers Fund” made a fake bid for SunEdison and later WSJ reported that the company was under SEC investigation ….
BUy the rumor sell the news? $SUNE Spikes on FAKE “Rockefeller Brothers Fund” Story https://t.co/tZOl5N6vWi pic.twitter.com/ls1ThY5qgu
— ValueWalk (@valuewalk) March 28, 2016
Specifically, the WSJ states:
The Securities and Exchange Commission is investigating SunEdison Inc.’s disclosures to investors about how much cash the solar-power company had on hand as its stock price collapsed last year, according to people familiar with the matter.
Officials in the SEC’s enforcement unit are looking into whether SunEdison overstated its liquidity last fall when it told investors it had more than $1 billion in cash, the people said.
Sunedison, Inc. shares are now down 42 percent in pre-market trading to around $1.30. TerraForm Global, Inc. is down 16 percent to $2.50 a share, Below is the latest filing from Terraform.
TerraForm Global, Inc. (“TerraForm Global”) anticipates that the filing of the Annual Report on Form 10-K for the fiscal year ended December 31, 2015 will be delayed beyond March 30, 2016. We expect to file a Form 12b-25 on or prior to March 30, 2016.
On February 29, 2016, SunEdison (NYSE: SUNE), a Delaware corporation and our controlling shareholder, filed a Form 12b-25, Notification of Late Filing, regarding the delayed filing of SunEdison, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015. SunEdison, Inc. announced that its delay in filing its Form 10-K was principally due to (1) the need to complete all tasks and steps necessary to finalize the annual financial statements and the other disclosures required to be included in that filing, and (2) ongoing inquiries and investigations by the Audit Committee of its Board of Directors and its advisors relating to allegations concerning the accuracy of SunEdison, Inc.’s anticipated financial position based on certain issues raised by former executives and current and former employees of SunEdison, Inc. (the “SUNE-Related Matters”).
