What is the SunEdison securities litigation website?
Welcome to the SunEdison Securities Litigation Website. The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Hearing; and (III) Motion For Attorneys’ Fees And Litigation Expenses (the “Settlement Notice”).
What happened to SunEdison's existing common stock?
Pursuant to the Plan, the SunEdison existing common stock has been cancelled on December 29, 2017. Common stockholders will receive no distribution and will not retain any property under SunEdison's Plan.
Where can I find the settlement notice and claim form?
Copies of the Settlement Notice and Claim Form can be found in the menu at the top of this page. If you are a member of the Class, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form postmarked no later than November 27, 2019.
What happened to SunEdison in Chapter 11?
Following over $2.3 billion of gross asset sales throughout its chapter 11 cases, SunEdison emerges with a significantly smaller footprint and will continue to focus on monetizing its remaining assets. Richard Katz will serve as Chairman and Chief Executive Officer of the reorganized SunEdison.
When was Sunedison's bankruptcy?
As previously announced, the Bankruptcy Court for the Southern District of New York confirmed the Plan on July 28, 2017. Pursuant to the Plan, the SunEdison existing common stock has been cancelled on December 29, 2017. Common stockholders will receive no distribution and will not retain any property under SunEdison's Plan.
What is the purpose of the Sunedison GUC/Litigation Trust?
The purpose of the trust is to marshal the trust's assets, administer and reconcile claims, prosecute and settle litigation claims and make distributions to allowed claimants. All documents and information relating to the SunEdison GUC/Litigation Trust can be accessed by clicking this link: SunEdison GUC/Litigation Trust Website.
Is Sunedison a private company?
On December 29, 2017, SunEdison Inc. (" SunEdison" or the " Company") and its debtor affiliates, announced that its Plan of Reorganization (the "Plan") became effective and that the Company has emerged from Chapter 11 as a newly reorganized, privately held company. As previously announced, the Bankruptcy Court for the Southern District ...
How did investors learn about Sunedison?
Investors began to learn the truth about the Company’s financial condition through a series of corrective disclosures. For example, beginning in November 2015, the Company disclosed that it had reclassified approximately $740 million worth of “non-recourse” debt as “recourse,” thereby admitting that the Company had misrepresented the nature of its debt and that, in truth, the lenders on these obligations could recover directly from the Company. In addition, SunEdison disclosed that it had entered into a one-year $170 million loan with Goldman Sachs at an effective 15% interest rate in August 2015— i.e., at the same time that the Company was assuring investors that its liquidity position was strong. Contrary to Defendants’ representations, analysts explained that a loan with these terms demonstrated that the Company had “emergency cash needs” because no borrower would be forced to take out a loan on such terms other than a “distressed company.” As a result of the disclosures of SunEdison’s true financial condition, the Company’s stock has declined over 95% from its Class Period high.
How many documents were produced in the Sunedison lawsuit?
Discovery in the Action commenced in March 2018. Defendants and third parties produced more than 300,000 documents, totaling more than 2,260,000 pages, to Plaintiffs. Plaintiffs produced over 12,000 pages of documents to Defendants, and Plaintiffs’ market-efficiency expert produced more than 22,000 additional pages of documents to Defendants. Between October 2018 and February 2019, Plaintiffs deposed 19 fact witnesses, including nine former senior executives or high-ranking employees of SunEdison or related companies TerraForm Power and TerraForm Global, four former directors of SunEdison, and six representatives of the Underwriter Defendants. In connection with Plaintiffs’ class-certification motion, Defendants deposed one representative from each Plaintiff, as well as Plaintiffs’ market-efficiency expert Dr. Steven Feinstein. The Parties also served and responded to interrogatories and requests for admission and exchanged numerous letters, including disputes between the Parties and with nonparties, concerning discovery issues, several of which were submitted to the Court for resolution.
What is the SunEdison class?
The Class consists of: (1) all persons and entities who purchased or otherwise acquired shares of SunEdison common stock from after the close of trading on September 2, 2015 through and including April 3, 2016, and were damaged thereby (the “Exchange Act Subclass”); and. (2) all persons and entities who purchased or otherwise acquired shares ...
When did Sunedison file for bankruptcy?
On April 21, 2016, SunEdison filed for bankruptcy before the United States Bankruptcy Court for the Southern District of New York. On April 25, 2016, SunEdison filed a notice of bankruptcy filing, notifying the District Court for the Eastern District of Missouri that any further action against the Company was stayed pursuant to the automatic bankruptcy stay of United States Bankruptcy Code. On April 26, 2016, in light of SunEdison’s notice of bankruptcy, the District Court for the Eastern District of Missouri issued an order administratively closing the action. On July 19, 2016, the Court issued an order permitting Lead Plaintiff to file a consolidated amended securities class action complaint (the “CAC”) against non-debtor defendants. Lead Plaintiff filed the CAC, three days later, on July 22, 2016, against, among others, SunEdison’s former CEO, its Class Period directors, and the underwriters of SunEdison’s August 2015 Preferred Offering.
When is the next hearing for the pending settlement?
On July 16, 2019, the Court entered its Order Preliminarily Approving Settlement and Providing for Settlement Notice, which scheduled a hearing for October 25, 2019 to consider final approval of the Settlement and related matters.