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SunEdison Delays Earnings Citing Weak Accounting Controls

  • Yieldco SunEdison controls also defers 10-K report to SEC
  • Cancelled Vivint deal has been weighing on SunEdison shares
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SunEdison Inc. plunged after announcing that a “material weakness” in its internal accounting system means there will be another delay to the overdue filing of its annual earnings report.

The Maryland Heights, Missouri-based company blamed “deficient information technology controls” from a new system it installed and said a board committee probing the accuracy of its statements has been unable to finish its work, according to a statement Wednesday. TerraForm Power Inc., a yieldco SunEdison controls, also delayed its earnings report.