“The purpose of this demand is to enable [Appaloosa Management] and certain of its affiliates and other parties to, among other things, investigate breaches of Delaware common and statutory law and breaches of fiduciary duties perpetrated on the Funds and other stockholders of the Company by the Company, the Board and certain of its officers arising out of recent business decisions and corporate actions,” according to a filing.
Michael Morosi, an analyst at Avondale Partner, argues that Tepper’s actions with TerraForm management could benefit shareholders by pressuring SunEdison to deal more fairly with the subsidiary.
“For a long time SunEdison was doing good for SunEdison and not for TerraForm,” Morosi told Bloomberg. “Tepper’s involvement will make it tougher for SunEdison to use TerraForm any way it wants.”
Guggenheim Solar ETF
For more information on the photovoltaic panel industry, visit our solar category.
Max Chen contributed to this article.