SunEdison Inc. is the latest firm to come under fire for an alleged breach of their fiduciary responsibility to the company’s 401(k) plan participants. The lawsuit, filed in St. Louis, was brought by a former employee who alleges imprudence by plan sponsors for keeping poorly performing SunEdison stock in the plan.
The case, filed on filed Jan. 20 is Usenko et al. vs. SunEdison Inc. et al. and is seeking class-action status for current and former plan participants.
After a steep decline in recent months, the stock traded at $3.05 Tuesday.
SunEdison claims to be is the world’s largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe.
The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison provides asset management, operations and maintenance, monitoring and reporting services.
Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison’s common stock is listed on the New York Stock Exchange under the symbol “SUNE.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
If one hands over responsibility of management of one’s assets and becomes a discretionary client to a third party, then the positive action to take when displeased with the performance of that investment is to resign from that manager when objectives differ. Renewable energy is an investment in a new world order, and we ships are necessarily in for a rocky passage as fossil fuels take a back seat, finally. Perhaps managing one’s own portfolio is the way to go, rather than criticizing an investment which has become long term.