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.”