SunEdison stock takes hit as solar power company confirms audit issues

sunedison elp

SunEdison Inc.’s stock continued falling Tuesday after the renewable energy firm announced it was delaying the 2015 annual earnings report while investigating questions about its financial position.

The Missouri-based solar and wind farm producer notified the U.S. Securities and Exchange Commission on Monday that it could not yet complete or release the annual report for the year ending Dec. 31.

The reason, SunEdison confirmed, was due to “ongoing inquiries and investigations by the audit committee of the company’s board of directors...”

In late 2015 the audit committee started an internal probe after former company executives alleged that previously disclosed financial records may be inaccurate.

“The audit committee, with input from the board, has been working diligently with its advisers since late 2015 and as of the date of this filing has found no wrongdoing based on the former executives’ allegations, although this process is still underway,” the Monday SEC filing reads. “The audit committee, mindful of the current challenges faced by the industry and the company, has also recently initiated an investigation concerning the accuracy of the company’s anticipated financial position based on certain additional issues raised by a current and a former employee of the company.”

Trading for SunEdison stock fell nearly 40 cents to below $1.60 per share Tuesday morning on the New York Stock Exchange, although it was slightly above the bottom prices reached earlier in February.

SunEdison’s last public reporting on financial returns was on November 9, when third-quarter results showed a net loss of $284 million. The nine-month toll was $919 million, down from the $939 million net loss during the same period of 2014.

At the same time, the company reported that it delivered a record 640 MW in renewables and had 2.9 GW worth of projects under construction, both significant increases year over year. SunEdison develops, finances, builds and sells solar and wind power plants.

Originally a spinoff of Monsanto Corp. engaged in silicon-wafer construction, SunEdison made its big move into solar power technologies about 10 years ago.

SunEdison went public in 2013.

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