In re TerraForm Global, Inc. Securities Litigation


www.TerraFormGlobalLitigationSettlement.com


UPDATE:

At a hearing on April 27, 2018, the Court determined that certain requests for exclusion from the Settlement were valid and that the requestors were therefore excluded from the Class. Based on these exclusions, the Defendants have exercised their option to terminate the Settlement pursuant to paragraph 10.6 of the Settlement Stipulation. Plaintiffs dispute whether the requirement for exercising the termination option has been met. Further Court proceedings need to occur to resolve this disputed issue and to determine whether the Settlement will remain intact and a Court hearing for final approval can be rescheduled. No timetable for the resolution of this matter has been set. Please check back here periodically for updated information.

Overview

If you purchased TerraForm Global, Inc. common stock in or traceable to Global’s initial public offering, you could get a payment from a proposed class action settlement.

This website contains information regarding a class action lawsuit entitled In re TerraForm Global, Inc. Securities Litigation (No. 1:16-cv-07967-PKC).

TO CLAIM YOUR SHARE OF THE SETTLEMENT FUND, YOU MUST SUBMIT A VALID PROOF OF CLAIM POSTMARKED ON OR BEFORE APRIL 13, 2018

If approved by the Court, the Settlement will provide fifty-seven million dollars ($57,000,000) (the “Settlement Amount”) gross, plus interest as it accrues, minus attorneys’ fees, costs, administrative expenses, Plaintiff awards, and net of any taxes on interest, to pay claims of investors who purchased Global common stock in or traceable to Global’s IPO. The Court will hold a Settlement Hearing on April 27, 2018 to decide whether to approve the Settlement.

Your recovery will depend on the number of shares of Global common stock you, and other Class Members who file claims, purchased and sold, and the prices at which you, and the other Class Members who file claims, purchased and sold those shares. If claims are submitted for 100% of the eligible shares of Global common stock, the estimated average recovery per share of common stock will be approximately $1.33 per share before deduction of Court-approved fees, expenses and awards, and costs of notice and claims administration. This estimate solely reflects the average recovery per outstanding share of Global common stock. The indicated average recovery per share will be the total average recovery for all purchasers of that share. This is not an estimate of the actual recovery per share you should expect. The actual amount per share you receive will depend on a number of factors, including the aggregate losses of all Settlement Class Members and other factors that are explained in the Plan of Allocation, below.

Attorneys for Plaintiffs (“Plaintiffs’ Counsel”) have not received any payment for their work or reimbursement for expenses incurred in investigating the facts, conducting this litigation and negotiating the Settlement on behalf of the Plaintiffs and the Class. Plaintiffs’ Counsel intends to ask the Court to award them fees of up to 25% plus interest of the Settlement Amount ($14,250,000), reimbursement of litigation expenses of no more than $350,000 and an Award to Plaintiffs collectively not to exceed $15,000. Collectively, the attorneys’ fees and expenses and Award to Plaintiffs are estimated to average $0.34 per share of Global. If approved by the Court, these amounts will be paid from the Settlement Fund.

The approximate recovery, after deduction of attorneys’ fees and interest, Plaintiff awards and expenses approved by the Court, is an average of $0.99 per outstanding share of Global common stock. This estimate is based on the assumptions set forth in the preceding paragraph. Your actual recovery, if any, will depend on the aggregate losses of all Settlement Class Members, the date(s) you purchased and sold Global common stock, the purchase and sales prices, and the total number and amount of claims filed.

The Settlement resolves the Action (defined below) concerning whether defendants (i) Global, (ii) Ahmad Chatila, Carlos Domenech Zornoza, Jeremy Avenier, Martin Truong, Brian Wuebbels (the “Individual Defendants”), and (iii) J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Capital Markets, Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co. (n/k/a Goldman Sachs & Co. LLC), Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., BTG Pactual US Capital LLC, Itaú BBA USA Securities, Inc., SMBC Nikko Securities America, Inc., SG Americas Securities, LLC, and Kotak Mahindra Inc. (the “Underwriter Defendants”) (collectively with Global and the Individual Defendants, the “Defendants”), violated federal securities laws by allegedly making misrepresentations and/or omissions of material fact in the Registration Statement filed with the U.S. Securities and Exchange Commission in connection with Global’s IPO. Specifically, Plaintiffs allege that Defendants failed to reveal that Global’s sponsor, SunEdison, Inc. (“SunEdison”) was experiencing liquidity and financial setbacks, which would necessitate the abandonment of its core strategy, upon which Global was dependent, shortly after the IPO. Defendants have denied and continue to deny each, any and all allegations of wrongdoing, fault, liability or damage whatsoever asserted by Plaintiffs. Defendants have also denied, inter alia, the allegations that Plaintiffs or the Settlement Class have suffered damages or that Plaintiffs or the Settlement Class were harmed by the conduct alleged in the Action. Defendants continue to believe the claims asserted against them in the Action are without merit.


Your legal rights will be affected whether you act or do not act. If you do not act, you may permanently forfeit your right to recover on this claim. Therefore, you should read the Notice carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
SUBMIT A CLAIM FORM NO LATER THAN APRIL 13, 2018 The only way to get a payment.
EXCLUDE YOURSELF NO LATER THAN MARCH 27, 2018 Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Defendants or the other Released Parties about the legal claims in this case.
OBJECT NO LATER THAN MARCH 30, 2018 Write to the Court about why you do not like the Settlement.
GO TO A HEARING ON APRIL 27, 2018 Ask to speak in Court about the fairness of the Settlement.
DO NOTHING Get no payment. Give up rights.

Court Documents

Learn more about the Settlement by downloading the documents below.

Electronic Filing Instructions

Proof of Claim