SunEdison (SUNE) Stock Plunges as Latin America Power Shareholders Sue at TheStreet (Thu 1:01PM EST)
SunEdison faces a 401(k) lawsuit from employees at American City Business Journals(Thu 12:20PM EST)
SunEdison is Being Sued by Former Acquisition Targetat Fortune(Thu 11:11AM EST)
I am surprised this is not BK yet.
Never say never. BK might happen soon if SUNE can't get their act together and resolve the Vivint acquisition lawsuit from Tepper and also some of the latest lawsuits.
this lawsuit might bring SUNE to bankruptcy! you're right SUNE is going from bad to worse!!!
That sounds like dead money investment in CLF for a couple years, take your money and invest in oil stock or a better chance of making huge returns. Oil will rebound soon and it will be huge rebound too.
Here is your big NEWS:
Failed Latin America Power Deal Spawns More Woes for SunEdison
Latin America Power shareholders expect win in SunEdison arbitration
Latin America Power BV shareholders sued SunEdison Inc., claiming the world’s biggest clean-energy developer is on the brink of bankruptcy and trying to hide assets.
The shareholders say they need a court order to protect SunEdison assets while they pursue a claim in arbitration for $150 million, which they say they’re entitled to after the U.S. company walked away in October from an agreement to buy Latin America Power.
SunEdison has “defiantly declared” that it plans to hide its assets with undisclosed parties and affiliates in order to shield them from creditors as it sits on the brink of bankruptcy, the investors said in a petition filed in state court in Manhattan. SunEdison’s financial condition “is so dire and rapidly worsening” that analysts expect it to be insolvent by the time the arbitration might be decided, the shareholders said.
Ben Harborne, a SunEdison spokesman, said in an e-mail that the company would fight the lawsuit.
SunEdison shares have plunged 88 percent in the past year.
$1 is coming soon...More trouble and BK is possible.
SunEdison, the solar-energy company that's been collecting scalps across Wall Street since July, was down 10% on Wednesday. That brings its one-year decline to 88%.
There's no real news on the stock, but residential solar company SolarCity reported dismal earnings on Tuesday. SolarCity posted a loss $2.37 a share and lowered its guidance for Q1 2016. It also promised to swing to cash flow positive by the end of 2016, though it's unclear how.
And that's probably what's dragging down SunEdison, a reminder that these solar companies are cash poor. That's what started SunEdison's decline in July: a deal with residential solar company Vivint that revealed that SunEdison might not have as much cash as investors thought.
Also worth noting: SunEdison is the parent company to two yieldcos, companies created to operate solar projects as utilities. TerraForm Power, the one created to manage projects in the US, is down only 1%.
TerraForm Global, however, which was created to manage projects abroad, is also getting killed. The stock is down 10%.
SUNE is becoming a Wall Street's nightmare stock. ROFLMAO
they must have been lying to you and you still believed in them? No wonder why many are losing their money in this stock. lol