SunEdison Down Nearly 30% After Audit Investigation, Delayed Filing And Street Downgrade

Shares of Sunedison Inc SUNE were trading lower by nearly 30 percent shortly after Tuesday's market open. Investors and traders were reacting to Sunedison's announcement that it expects to file its 10-K regulatory filing within 15 calendar days after the due date. The company also disclosed that an audit committee initiated an inquiry in late 2015 based on allegations made by former executives concerning the accuracy of its financial position that was previously disclosed to investors. Sunedison added that if the allegations prove to be correct, the company may be required to reassess its liquidity position and re-evaluate whether it may require liquidity than previously expected. In addition to a disclosure, Oppenheimer's Colin Rusch downgraded Sunedison's stock rating to Perform from Outperform. Axiom's Gordon Johnson also commented on Sunedison's stock outlook and suggested a sum-of-the-parts analysis yields a 2016 year-end price target of $0.39 per share.