Sunedison Inc (SUNE) Shares Plunge Further on New Lawsuit Worries

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It seems as if investors of Sunedison Inc (NYSE:SUNE) can’t catch a break, as the stock continues to tumble in early afternoon trading today. Shares, which had been outright hammered over the last six months, are down more than 12% today as yet another lawsuit has emerged against the green energy company.

The suit, brought on by Latin America Power BV, seeks to have the courts freeze assets of Sunedison Inc (NYSE:SUNE). The reason? Sunedison had originally planned to acquire Latin America power in 2015 in a deal which was said to be worth $733 million. After Sunedison failed to release $400 million in cash upfront the deal fell through, meaning that Latin America Power shareholders are entitled to an arbitration claim of $150 million. That’s at least their argument.

While shareholders are certainly taking the news of this suit seriously, Ben Harborne, Sunedison’s spokesperson, said that the company plans to ‘vigorously’ defend themselves against this suit which has been brought up against them ‘without merit’.

The stock is down 12.63% or $0.3 following the news, hitting $2.06 per share. Approximately 14.06M shares traded hands. SUNE shares have declined 91.96% since July 8, 2015 and are currently downtrending. It has underperformed the S&P500 by 83.09%.

From a total of 16 analysts covering SunEdison Inc (NYSE:SUNE) stock, 11 rate it a “Buy”, 1 a “Sell”, and 4 a “Hold”. This means that 69% of the ratings are positive. The highest target price is $42 while the lowest target price is $2. The mean of all analyst targets is $16 which is 676.70% above today’s ($2.06) stock price. SunEdison Inc was the topic of 45 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Avondale upgraded shares on January 8 to a “Mkt Outperform” rating. JP Morgan maintained shares with a”Overweight” rating and a $19 target share price in their report from a September 29. Needham maintained SUNE stock in a recent report from January 8 with a “Buy” rating. S&P Research maintained the rating on September 9. S&P Research has a “Strong Buy” rating and a $32 price target on shares. Finally, FBR Capital initiated the stock with a “Outperform” rating in a report they issued on a December 18.

SunEdison, Inc. is a developer and seller of photovoltaic energy solutions, an owner and operator of clean power generation assets, and a developer and maker of silicon wafers. The company has a market cap of $586.43 million. The Firm operates in three divisions: Solar Energy, TerraForm Power and Semiconductor Materials through SunEdison Semiconductor Ltd. (SSL). It currently has negative earnings. The Company’s Solar Energy segment provides solar energy services that integrate the design, installation, financing, monitoring, activities and maintenance portions of the downstream solar market for the Company’s customers.

#focuskw=’Sunedison Inc (NYSE:SUNE)’##metadesc=’It seems as if investors of Sunedison Inc (NYSE:SUNE) can’t catch a break, as the stock continues to tumble in early afternoon trading today. Shares, which had been outright hammered over the last six months, are down more than 12% today as yet another lawsuit has emerged against the green energy company.The suit, brought on by Latin America Power BV, seeks to have the courts freeze assets of Sunedison Inc (NYSE:SUNE). The reason? Sunedison had originally planned to acquire Latin America power in 2015 in a deal which was said to be worth $733 million. After Sunedison failed to release $400 million in cash upfront the deal fell through, meaning that Latin America Power shareholders are entitled to an arbitration claim of $150 million. That’s at least their argument. While shareholders are certainly taking the news of this suit seriously, Ben Harborne, Sunedison’s spokesperson, said that the company plans to ‘vigorously’ defend themselves against this suit which has been brought up against them ‘without merit’.’##metarobot=’index’##newskw=’Zafgen Inc positive news,Zafgen Inc – (NASDAQ:ZFGN),NASDAQ:ZFGN Analyst rating analysis,Stock Analysis,Outlook and potential,ZFGN Price change and trend,ZFGN stock update’##sitemap=’include’##skipsocial##stockticker=’NYSE:SUNE’#

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