SunEdison Plunges 15%, Halted As Tepper Sues To Block Acquisition

The ongoing drama between SunEdison and Terraform Power and Appaloosa’s David Tepper just escalated yet again. The stock plunged 15% after an initial halt but is now halted once again as Tepper says “immediate action is needed” as he sues the firm to block the firm’s ‘nepotistic’ deal to acquire Vivint assets, having previously warned SUNE is “self-dealing.”

As Reuters reports,

David Tepper-led hedge fund Appaloosa Management LP sued to prevent SunEdison Inc’s yieldco from taking over some of Vivint Solar Inc’s assets after SunEdison acquires the rooftop panel installer.

The yieldco, TerraForm Power Inc, is to acquire Vivint’s residential solar rooftop portfolio after SunEdison completes its acquisition of Vivint.

And the result…