April 18, 2017 Comments (0) Blog

Suniva, Inc. Files for Chapter 11 Bankruptcy Protection

Suniva, Inc.
(Last Updated On: April 19, 2017)

Recovery of Investment Losses in Suniva, Inc.

Have you suffered losses investing in Suniva, Inc.? If so, the attorneys at the White Law Group may be able to help you by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.

Suniva, Inc., a Georgia-based manufacturer of solar cells and modules, has filed for voluntary Chapter 11 bankruptcy this week, after recent layoffs.

Suniva announced the layoffs in late March at both of its U.S. plants. According to WARN Act disclosure documents the company cut 131 jobs at its Norcross, Georgia, facility and 59 jobs at its Saginaw, Michigan location.

While some local reports suggested the Saginaw plant had been completely shut down, the WARN Act document said the plant will remain open with a reduced staff, though the filing did not specify whether the plant would continue production or operations.

In a press release, Suniva blamed global module oversupply conditions and charged, “The reductions come as U.S. solar manufacturers face attack from the continued growth of global manufacturing overcapacity, particularly in Asia, and the ongoing influx of foreign imports, which continue to drive down domestic prices.”

Hong Kong-based Shunfeng International Clean Energy (SFCE) owns a 63.13% equity interest in the manufacturer.

Recovery of Investment Losses

According to SEC filings, Suniva Inc. filed a form D to raise money in 2007 and 2008 with the following offerings:

Suniva Series A Preferred Stock offering
Suniva Series B Preferred Stock and Warrant

The White Law Group is investigating potential securities fraud claims involving broker-dealers’ improper recommendation that investors purchase high-risk energy investments, such as Suniva, Inc offerings. Many investors are not fully aware of the problems and risks associated with these investments before purchasing them.

Broker dealers are required to perform adequate due diligence on any investment they recommend. They must ensure that all recommendations are suitable for the investor. Firms that fail to do so, may be held responsible for any losses in a FINRA arbitration claim.

If you suffered losses investing in Suniva, Inc. and would like a free consultation with a securities attorney, please call The White Law Group at 888-637-5510.

The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.