Government investigates loans to bankrupt solar firm
Solar-panel maker Solyndra Inc. could have been described as the poster child of the Obama administrations push for clean energy development.
September 16, 2011 at 07:25 AM
1 minute read
The original version of this story was published on Law.com
Solar-panel maker Solyndra Inc. could have been described as the poster child of the Obama administration's push for clean energy development. But the company's August bankruptcy filing has left some government officials questioning how it failed after the Department of Energy (DOE) loaned it $528 million through its Energy Loan Program.
Solyndra was the first renewable energy company to receive a loan guarantee under the DOE's Energy Loan Program, which was part of the 2009 stimulus. The amount the company was loaned was significant given renewable energy companies' funding challenges.
The Treasury Department announced yesterday that it is investigating Solyndra loan as well as the Federal Financing Bank's role in the allocation of the loan. The DOE's inspector general and the House Energy and Commerce Committee also are scrutinizing the loan and emails that may indicate that Solyndra received special treatment from the White House. The FBI also has questioned the company's executives and searched its Fremont, Calif., headquarters.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
What to Know About the New 'Overlapping Directorship' Antitrust Development
4 minute read
Turning Over Legal Tedium to AI Requires Lots of Unglamorous Work on Front End
6 minute read
Khan Defends FTC Tenure, Does Not Address Post-Inauguration Plans
Best Practices for Adopting and Adapting to AI: Mitigating Risk in Light of Increasing Regulatory and Shareholder Scrutiny
7 minute readTrending Stories
- 1Many LA County Law Firms Remain Open, Mobilize to Support Affected Employees Amid Historic Firestorm
- 2Stevens & Lee Names New Delaware Shareholder
- 3U.S. Supreme Court Denies Trump Effort to Halt Sentencing
- 4From CLO to President: Kevin Boon Takes the Helm at Mysten Labs
- 5How Law Schools Fared on California's July 2024 Bar Exam
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
