SunEdison Gets Justice Department Subpoena, Confirms SEC Inquiry

SunEdison Inc. said the U.S. Justice Department is looking into issues including financing activities related to a canceled acquisition and confirmed the company had received an inquiry from the Securities and Exchange Commission.

The Wall Street Journal reported Monday that the SEC is investigating the solar-power company's disclosures to investors about how much cash it had on hand as its stock price collapsed last year.

SunEdison said it received a subpoena Monday from the Justice Department seeking information and documentation on financing activities related to a planned $1.9 billion purchase of residential-rooftop installer Vivint Solar Inc.

The Vivint deal was terminated earlier this month after banks balked at providing the funding, the Journal reported.

SunEdison said in a filing that the Justice Department is also looking into alleged wrongdoing by "a former non-executive employee" in connection with Vivint termination negotiations, as well as intercompany transactions involving SunEdison and its yieldcos TerraForm Power Inc. and TerraForm Global Inc.

Liz Hoffman and Aruna Viswanatha contributed to this article.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

March 31, 2016 18:55 ET (22:55 GMT)

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