SunEdison delays release of 2015 annual financial report

Share

Another chapter in the increasingly compelling page-turner that is SunEdison’s operations was written today following the company’s announcement that it is delaying the filing of its 2015 financial report.

The U.S. clean energy developer issued a press release today stating that the firm has been unable to file its annual financial statements on time, missing the March 15 deadline, which was the cut-off date for the 15-day extension period permitted under the rules of the Securities and Exchange Commission (SEC).

In the statement, SunEdison cited "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" for its failure to produce the 2015 annual financial report on time.

The release went on: "Because of these material weaknesses, additional procedures are necessary for management to complete the Company’s annual financial statements and related disclosures, and for the Company’s independent registered accounting firm, KPMG LLP, to finalize its audits of the Company’s annual financial statements and the effectiveness of internal controls over financial reporting as of December 31, 2015."

SunEdison added that it has also yet been unable to finalize an investigation by the Audit Committee concerning the accuracy of the company's anticipated financial position.

The news follows a series of blows received by the company, chiefly last week’s termination by Vivint Solar of the proposed and prolonged merger and acquisition by SunEdison. Despite the deal’s collapse being welcomed by much of the industry, it still represented a failure on SunEdison’s part to achieve its goals, and adds to further setbacks experienced earlier in the year when the firm lost two sizeable solar projects in Hawaii.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Mercedes-Benz testing new solar paint

02 December 2024 Mercedes-Benz said it is now evaluating a 20%-efficient, non-silicon photovoltaic coating that is significantly cheaper than conventional solar module...

Share

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.