SAN FRANCISCO — Shareholders of clean energy company TerraForm Global Inc. are suing over alleged misrepresentations they say drove down stock prices shortly after the company’s July initial public offering.
TerraForm is a subsidiary or “yieldco” of solar company SunEdison Inc., created to serve as an investment vehicle to fund SunEdison projects. The two companies are closely tied, plaintiffs’ lawyers argue, so the surprise announcement of subpar SunEdison earnings in August was disastrous for TerraForm’s stock value.
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