SunEdison Gets Justice Department Subpoena, Confirms SEC Inquiry
March 31 2016 - 7:10PM
Dow Jones News
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)
Copyright (c) 2016 Dow Jones & Company, Inc.
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