Embattled global renewable energy development company SunEdison has failed to report and file its fourth quarter and full year financial results.
SunEdison filed the news with the SEC and published an accompanying press release notifying that the company “is delaying the filing of its Annual Report on Form 10-K for the year ended December 31, 2015 beyond the extended due date of March 15, 2016.” SunEdison had already delayed its filing at the beginning of the month, citing an ongoing internal investigation. Specifically, according to the company’s filing with the SEC:
“The Audit Committee, advised by independent counsel and with the assistance of accounting and financial advisors, initiated an inquiry in late 2015 based on allegations made by former executives of the Company concerning the accuracy of the Company’s anticipated financial position previously disclosed to the Company’s Board of Directors”
Over two weeks later, and SunEdison has still been unable to file its reports with the SEC — the company stating:
“The scope of work required to finalize the Company’s financial statements included in the 2015 Annual Report on Form 10-K has expanded due to the identification by management of material weaknesses in its internal controls over financial reporting, primarily resulting from deficient information technology controls in connection with newly implemented systems.”
Or, in short, an IT error.
Added to its IT issues is the continuing investigation which SunEdison claimed “has not yet been finalized.”
It’s just bad news on top of bad news for the company that over a year ago was leading the world’s renewable energy industry, but has since fallen on hard times — and then rolled off those hard times and fallen down whatever cliff-face was nearby.
Its yieldco TerraForm Power also announced that it would be delaying filing of its annual report “due to the need to complete all steps and tasks necessary to finalize our annual financial statements and other disclosures.”
While SunEdison’s shares were “getting clobbered” Wednesday on the back of the news, the company’s shares rallied and finished even.
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