Appaloosa Sues SunEdison, Stock Crashing

Sunedison Inc SUNE's stock plummeted on Wednesday after Reuters reported that Appaloosa Management, a hedge fund that holds a nearly 10 percent stake in the solar firm, is suing the company. According to Reuters, Appaloosa Management, led by David Tepper, is suing SunEdison's YieldCo, TerraForm Power Inc TERP from taking over some of Vivint Solar Inc VSLR assets. TerraForm Power will receive Vivint Solar's residential solar rooftop business after SunEdison finalizes its acquisition of Vivint. Shares of Sunedison were lower by 11.26 percent at $2.68 approximately 40 minutes after Wednesday's opening bell. At the same time, shares of TerraForm Power were higher by 1.39 percent at $9.82 while shares of Vivint Solar were lower by 1.38 percent at $9.31.