StockNews.AI
TERP
StockNews.AI
140 days

TerraForm Power Press Release Concerning Resolution of Claims Against TerraForm Power and TerraForm Global

1. Lawsuit by former CEO Carlos Domenech against TERP resolved for $34.5 million. 2. Domenech alleged unlawful termination linked to SunEdison's misleading liquidity claims. 3. The case stemmed from events surrounding SunEdison's bankruptcy in 2016. 4. Liability was decided in favor of Domenech after extensive litigation. 5. Brookfield Renewable acquired TERP post-Domenech's termination from SunEdison.

3m saved
Insight
Article

FAQ

Why Bearish?

The settlement requires a significant financial payout, signaling potential financial instability. Past examples include other firms suffering stock drops after high-profile lawsuit settlements.

How important is it?

The settlement size impacts investor confidence, raising concerns about financial health. Although it's resolved, the implications of the lawsuit and its linkage to past issues could affect future operations.

Why Short Term?

The immediate financial implications will affect pricing, but long-term recovery is possible. Market reactions to similar cases often focus initially on the financial details.

Related Companies

BEPGLBLSUNE
April 01, 2025 11:55 ET  | Source: TerraForm Power Parent, LLC NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) -- On January 20, 2025, a lawsuit filed in the United States District Court for the District of Maryland (Case Number: 8:18-cv-02523-PX) by Carlos Domenech against TerraForm Power Parent, LLC, formerly TerraForm Power, Inc. (“TERP”), and TerraForm Global Holdco LLC, formerly TerraForm Global, Inc. (“Global”), was resolved. Mr. Domenech was the CEO and President of TERP and Global and an Executive Vice President of SunEdison, the former sponsor and controlling shareholder of TERP and Global, until he was terminated by the TERP and Global Boards of Directors and SunEdison without cause on November 20, 2015. Brookfield Renewable Partners L.P., together with its institutional partners, acquired TERP and Global after Mr. Domenech’s termination. Mr. Domenech claimed in this lawsuit that he was unlawfully terminated for reporting to the Board of Directors of SunEdison his claims that SunEdison executives had made false statements about SunEdison’s liquidity to the investing public. Mr. Domenech alleged, among other things, false reporting by SunEdison executives of financial results and forecasts, and other misconduct. SunEdison filed for bankruptcy on April 21, 2016. After nine years of litigation, the liability issues underlying Mr. Domenech’s allegations were the subject of a two-week bench trial conducted before the Honorable United States District Judge Paula Xinis in July and August 2024, who decided liability in favor of Mr. Domenech. The matter was resolved for $34,500,000. Contact for Investors/Media: Alex Jacksonenquiries@brookfieldrenewable.com

Related News