Another chapter in the increasingly compelling page-turner that is SunEdison’s operations was written today following the company’s announcement that it is delaying the filing of its 2015 financial report.
The U.S. clean energy developer issued a press release today stating that the firm has been unable to file its annual financial statements on time, missing the March 15 deadline, which was the cut-off date for the 15-day extension period permitted under the rules of the Securities and Exchange Commission (SEC).
In the statement, SunEdison cited "the identification by management of material weaknesses in its internal controls over financial reporting, primarily resulting from deficient information technology controls in connection with newly implemented systems" for its failure to produce the 2015 annual financial report on time.
The release went on: "Because of these material weaknesses, additional procedures are necessary for management to complete the Company’s annual financial statements and related disclosures, and for the Company’s independent registered accounting firm, KPMG LLP, to finalize its audits of the Company’s annual financial statements and the effectiveness of internal controls over financial reporting as of December 31, 2015."
SunEdison added that it has also yet been unable to finalize an investigation by the Audit Committee concerning the accuracy of the company's anticipated financial position.
The news follows a series of blows received by the company, chiefly last week’s termination by Vivint Solar of the proposed and prolonged merger and acquisition by SunEdison. Despite the deal’s collapse being welcomed by much of the industry, it still represented a failure on SunEdison’s part to achieve its goals, and adds to further setbacks experienced earlier in the year when the firm lost two sizeable solar projects in Hawaii.
