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December 2 (SeeNews) - A class action lawsuit filed in Missouri alleges that US renewables firm SunEdison Inc (NYSE:SUNE) made materially misleading misrepresentations and omissions regarding its business and operations.
Law firm Gardy & Notis LLP said it had filed the lawsuit on November 30 in the United States District Court for the Eastern District of Missouri. It represents stockholders who purchased or otherwise acquired SunEdison securities between June 16 and October 6, 2015. At the start of that period, the company’s shares traded at USD 30.96 apiece. At the end of it, the price had fallen by 72%.
The lawsuit alleges that SunEdison and certain corporate insiders made materially misleading statements as regards to the business and operations. For one, the lawsuit alleges that the company and insiders misrepresented and failed to disclose that SunEdison did not have the financial resources to complete the many acquisitions planned.
The plaintiff aims to recover money damages on behalf of all who bought SunEdison securities in the specified period.
(USD 1 = EUR 0.943)