Lawsuit for Participants in the SunEdison Inc. (OTCMKTS:SUNEQ) Retirement Savings Plan announced by Shareholders Foundation

SAN DIEGO, May 04, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in Missouri on behalf of certain participants of the SunEdison Inc. Retirement Savings Plan over alleged violations of the Employee Retirement Income Security Act (ERISA).

If you have or had an individual account with the SunEdison Retirement Savings Plan as an employee or former employee, and your account holds or held shares of SunEdison Inc. SUNEQ, formerly SUNE stock, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.

The plaintiff claims that the defendants failed to protect the interests of the participants in the SunEdison Inc. Retirement Savings Plan. More specifically, the plaintiff alleges that the defendants breached their duties they owed to the participants of the SunEdison Inc. Retirement Savings Plan by retaining SunEdison Inc. SUNEQ, formerly SUNE common stock as an investment option under the SunEdison Inc. Retirement Savings Plan, when a reasonable fiduciary suing the care, skill, prudence, and diligence that a prudent man acting in a like capacity and familiar with such matters would use would have done otherwise.

The plaintiff alleges that the defendants permitted the SunEdison Inc. Retirement Savings Plan to continue to offer SunEdison Inc. SUNEQ, formerly SUNE as an investment option to the participants of the SunEdison Inc. Retirement Savings Plan even after the defendants allegedly knew or should have known between August 6, 2015 and at least January 20, 2016, that SunEdison Inc. SUNEQ, formerly SUNE stock was artificially inflated, that SunEdison Inc. was in extremely poor financial condition, and that the company faced equally pool long term prospects, making it an imprudent retirement investment for the plan. The plaintiff says that the defendants were empowered, as fiduciaries, to remove SunEdison Inc. SUNEQ, formerly SUNE stock from the plan's investment options, yet they failed to do that, or to act in any way to protect the interests of the plan or its participants, in alleged violation of their legal obligations under ERISA.

On April 21, 2016, SunEdison, Inc. filed for Chapter 11 bankruptcy protection.

Those who are participants in the SunEdison Inc. Retirement Savings Plan should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.