NASDAQ GS
TERP

TerraForm Power, Inc.

Shareholder Securities Fraud Litigation

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against TerraForm Power, Inc. (NASDAQ GS: TERP)

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Maryland on behalf of all persons or entities that purchased the common stock of TerraForm Power, Inc. (“TerraForm” or the “Company”) (NASDAQ GS: TERP) between May 7, 2015 and March 15, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of TerraForm during the Class Period, or purchased shares prior to the Class Period and still hold TerraForm, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, on February 29, 2016, TerraForm announced that it was delaying the filing of its fiscal year 2015 Form 10-K with the SEC and also expected to file the Form 10-K by March 15, 2016.  TerraForm cited only “the need to complete all steps and tasks necessary to finalize the Company’s annual financial statements and other disclosures required to be in the filing.”  On that same day, SunEdison, Inc. (“SunEdison”), TerraForm’s controlling shareholder, also filed a Form 12b-25, Notification of Late Filing, regarding the delayed filing of SunEdison’s Annual Report on Form 10-K for the year ended December 31, 2015.

On March 16, 2016, SunEdison announced a further delay in the filing of its Form 10-K beyond the extended due date of March 15, 2016, after “the identification by management of material weaknesses in its internal controls over financial reporting.”

On March 16, 2016, TerraForm also announced a further delay in the filing of its Form 10-K beyond the extended due date of March 15, 2016, after identifying material weaknesses in its internal controls over financial reporting.

On this news, shares of TerraForm dropped over 7%, closing at $9.72 per share on March 16, 2016, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than June 3, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

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