How SunEdison went from No. 1 to the edge of bankruptcy
The world's largest renewable energy developer, SunEdison, may be on the verge of filing for bankruptcy protection; its stock has fallen from a high of $30 per share in June last year to 36 cents today.
A Wall Street Journal report this week revealed that SunEdison is being investigated for overstating its cash position. SunEdison's shares have fallen drastically since then.
A SunEdison spokesperson declined comment.
Today, SunEdison is $11 billion in debt, according to Reuters. By contrast, in 2014, the company, with about 7,200 employees, pulled in $2.4 billion in revenue with an operating income of $536 million. During the previous 12 months, shares of SunEdison had gained 175%, "placing it among the top performers in solar stocks," according to a MarketWatch investor bulletin at the time.
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