While speculation grows that the Missouri solar power firm called SunEdison is close to filing for Chapter 11 bankruptcy protection, the firm has been sued by one of two of its subsidiaries and accused of breach of contract and fiduciary duty.
Trading for the company shares fell 50 percent Monday as the firm’s market cap, totaling billions a year ago, now stood at less than $70 million. Publications contend that SunEdison’s problems stemmed from an unsuccessful attempt to merge with Vivint.
The lawsuit was filed by TerraForm Global, adding to legal problems for SunEdison. The company is also under a U.S. Justice Department investigation of its accounting practices.
