Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of TerraForm Power, Inc. ("TerraForm Power" or the "Company") (NASDAQ: TERP) breached their fiduciary duties in connection with the proposed sale of the Company to Brookfield Renewable Partners ("Brookfield Renewable") (NYSE: BEP).
On March 16, 2020, TerraForm Power announced that they had entered into a definitive merger agreement for Brookfield Renewable to acquire all of the outstanding shares of Class A common stock of TerraForm Power, other than the roughly 62% currently controlled by Brookfield Renewable and its affiliates. Under the terms of the acquisition agreement, TerraForm Power's shareholders will receive 0.36 Brookfield Renewable shares for every share of TerraForm Power they own.
The investigation concerns whether the TerraForm Power board failed to satisfy its obligations to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for TerraForm Power shares of common stock.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
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