GPM Announces The Filing Of A Securities Class Action On Behalf Of SunEdison, Inc. Investors
The Filing Of A Securities Class Action
On Behalf Of SunEdison, Inc. Investors
The complaint alleges that SunEdison and certain corporate insiders made materially misleading misrepresentations and omissions regarding SunEdison's business practices and operations. Among other things, the lawsuit contends that defendants misrepresented and failed to announce that SunEdison did not have the financial resources necessary to maintain its high growth and sustain its dividend.
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Comment
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Comment by Long Islander on January 20, 2016 at 6:34pm
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Abandoned Eyesores Almost Certain to Proliferate Across the Maine Countryside Unless We Stop Them – and there won’t be adequate money to take them down
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Comment by Barbara Durkin on January 20, 2016 at 1:52pm
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Thank you, Eric. Pity the poor SUNE/TERP investors denied due diligence, (at minimum).
I agree with Penny Gray's observation that Maine Media fails the public denied the facts about this sWINDle. While it's true that those who don't read the news are uniformed; while those who read the news are misinformed.
January 20, 2016
RE: (“GPM”) announces the filing of a class action lawsuit on behalf of investors of SunEdison, Inc. ("SunEdison" or the "Company") (NYSE: SUNE);
SunEdison Inc. (SUNE) and its power-plant holding company, TerraForm Power Inc. (TERP) , agreed to buy closely held First Wind Holdings Inc. for $2.4 billion;
SunEdison Appoints Paul Gaynor As EVP Of North America Utility And Global Wind announced by SunEdison on Feb. 3, 2015:
http://investors.sunedison.com/phoenix.zhtml?c=106680&p=irol-ne...
Dear Attorney Portnoy:
With regard to Glancy Prongay & Murray LLP (GPM) class action lawsuit filed on behalf of investors that "alleges that SunEdison and certain corporate insiders made materially misleading misrepresentations and omissions regarding SunEdison's business practices and operations...":
I am neither a SUNE nor a TERP shareholder. I am an incredulous private citizen, taxpayer and ratepayer sympathetic to SUNE/TERP shareholders as I am also burdened by:
"First Wind Cash: Scored over $778 million in stimulus funds"
http://greencorruption.com/two-big-white-house-green-cronies-unite-...
With regard to SUNE, "corporate insiders made materially misleading misrepresentations and omissions", is Paul Gaynor As SunEdison "EVP Of North America Utility And Global Wind", and former CEO of UPC First Wind, a SUNE "corporate insider"?
If the answer is, "Yes", perhaps SUNE EVP Paul Gaynor and former CEO of UPC First Wind should have disclosed their affiliate and subsidiary, Italian Vento Power Corporation IVPC Director Oreste Vigorito, with partner Vito Nicastri, was the subject of "Gone With the Wind" 2009 investigation by anti-Mafia police into wind energy fraud in order to obtain public subsidies that led to the largest ever asset seizure by anti-Mafia police in Italy.
This assertion is a matter of Public Record and supported by UPC (First Wind) direct testimony highlighted (4th) below.
Background:
When Fox News reported in 2009 that wind projects were failing in Italy, yet developers continued to collect public subsidies, I noted the same thing was happening in upstate NY.
Fox News. http://www.foxnews.com/story/2009/05/05/report-mafia-invests-in-sic...
This prompted me to see if there was a connection between Italy's wind projects and the U.S. wind projects by UPC First Wind.
Evidence that demonstrates UPC First Wind affiliate and subsidiary is Italian Vento Power Corporation (IVPC):
(UPC) FIRST WIND (CEO) Paul Gaynor, the current Executive Vice President-Americas & EMEA Region for SunEdison (SUNE), is the:
'Hawaii Wind developer tied to Largest-ever asset seizure by anti-Mafia police'(for wind energy fraud) by Andrew Walden Hawaii Free Press:
By Testimony to MA Department of Public Utilities:
Please note a below reference to "DIA" that translates to Italian anti-mafia Police: in Italian: Direzione Investigativa Antimafia
Background:
Boston-based wind developer First Wind CEO Paul Gaynor is former Massachusetts Governor Deval Patrick’s appointed Co-chair of “The Climate Protection Advisory Committee” under the Global Warming Solutions Act. First Wind Paul Gaynor is also co-chair of the Mass Department of Environmental Protection Advisory Committee “Low Carbon Energy Supply Subcommittee.” UPC First Wind CEO Gaynor is also the 'Hawaii Wind developer tied to Largest-ever asset seizure by anti-Mafia police'(by UPC testimony, for wind energy fraud in order to obtain public subsidies)
http://www.hawaiifreepress.com/ArticlesMain/tabid/56/ID/4008/Hawaii-Wind-Developer-tied-to-Largest-ever-asset-seizure-by-anti-Mafia-police.aspxUPC founded by Brian Caffyn changed its name to First Wind in 2008. UPC STEVE VAVRIK direct testimony of 2006, page 5, provides affiliate (IVPC). Italian Vento Power Corporation. This affiliate, Oreste Vigorito, with associate Vito Nicastri, IVPC, is the subject of Operation "Gone With the Wind", a 2009 wind fraud event. They are alleged associates of Matteo Messina Denaro Cosa Nostra "Boss of Bosses", still at large and listed by Forbes as FBI World's Ten Most Wanted.The Worcester Polytechnic Institute News Summer, 2005 reports on the activities of WPI alumnus Gaynor:"...As president and CEO of UPC Wind Management, located in Newton, Mass., Gaynor was tapped to bring the success of the parent company, UPC Group, to North America. In Europe and North Africa, UPC affiliates—including Italian Vento Power Corporation—have raised over $900 million in financing and installed some 900 utility-scale wind turbine generators (WTGs), with a total capacity of more than 635 megawatts. UPC subsidiary companies, positioned across the United States and in Toronto, are currently pursing some 2,000 megawatts in projects from Maine to Maui..."
http://www.wpi.edu/News/Transformations/2005Summer/windpower.html
http://psb.vermont.gov/sites/psb/files/orders/2013/2013-12/Cowan-Ro...
From the below link comes the following 4/08/2013 story, translated from Italian to English by Google:
https://translate.google.com/translate?hl=en&sl=it&u=https:...
It is incomprehensible to me that SunEdison purchased First Wind. But I'm not at all surprised that SUNE value plummeted 71.4 % during the three months following this transaction.
Thank you for your review of this information on behalf of SUNE shareholders that you represent.
Respectfully,
Barbara Durkin
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Comment by Penny Gray on January 19, 2016 at 5:04pm
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Wouldn't Maine media want to report on these happenings, considering this company's involvement in Maine's energy infrastructure and politics?
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Comment by Gary Campbell on January 19, 2016 at 3:14pm
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Do you suppose SUNE will be able to find a law firm that won't require payment up front?
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Comment by Donna Amrita Davidge on January 19, 2016 at 2:29pm
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Yep- financial finagling all along- just more of the deception
Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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