An investigation on behalf of current or former participants of Sunedison Inc (NYSE:SUNE) Retirement Savings Plan concerning potential breaches of fiduciary duties was announced and participants of Sunedison Inc Retirement Savings Plan should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/24/2016 -- An investigation for participants of Sunedison Inc (NYSE:SUNE) Retirement Savings Plan concerning potential Breaches of Fiduciary Duty was announced.
Those who are current or former participants of Sunedison Inc Retirement Savings Plan and all other similarly situated Plan participants and beneficiaries have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the investigation by a law firm under ERISA current or former participants of Sunedison Inc (NYSE:SUNE) Retirement Savings Plan, may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them. The investigations focuses on whether fiduciaries of SunEdison's 401(k) plans violated the Employee Retirement Income Security Act of 1974. More specifically
On October 5, 2015, the Company disclosed it was cutting 15% of its workforce.
On November 10, 2015, Sunedison Inc reported third-quarter results before the market open. Sunedison Inc cut its full-year guidance for unlevered annualized cash available for distribution ("CAFD) for retained megawatts ("MW") to $261-$271 million from $275-$325 million.
Shares of Sunedison Inc (NYSE:SUNE) declined to as low as $2.81 per share on November 17, 2015.
On December 1, 2015 a lawsuit was filed against Sunedison Inc (NYSE:SUNE) over alleged securities laws violations. The plaintiff alleges on behalf of certain purchasers of Sunedison Inc (NYSE:SUNE) common shares that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that SunEdison and certain corporate insiders made materially misleading misrepresentations and omissions regarding SunEdison's business and operations. Among other things, the lawsuit alleges that defendants misrepresented and failed to disclose that SunEdison did not have the financial resources to sustain its acquisition binge.
Those who are current or former participants of Sunedison Inc Retirement Savings Plan and all other similarly situated Plan participants and beneficiaries have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com