SunEdison Gains on Report Einhorn Will Get Board Seatby
Einhorn's Greenlight Capital held 5.9% stake in September
Wall Street Journal reports seat citing unidentified people
SunEdison Inc. rose on a report that David Einhorn’s Greenlight Capital will get a seat on the company’s board.
SunEdison, the worst-performing clean-energy company, climbed 2.6 percent to $2.72 at the close in New York. The shares have dropped 86 percent in the past year, the most on the 104-member WilderHill New Energy Global Innovation index.
An appointment may come as soon as this week, the Wall Street Journal reported Sunday, citing unidentified people familiar with the matter. Greenlight held a 5.9 percent stake in SunEdison on Sept. 30, according to data compiled by Bloomberg.
The Maryland Heights, Missouri-based company has space on the board. On Jan. 19 Steve Tesoriere resigned his seat and the company hasn’t announced a replacement. Ben Harborne, a SunEdison spokesman, declined to comment Monday.