SunEdison Inc., Maryland Heights, Mo., said its company stock fund was responsible for an investment loss totaling $10.9 million during 2015, it announced in its 11-K filing Wednesday with the Securities and Exchange Commission.
The 401(k) plan's total loss in fair value of investments was $12.4 million during the year.
The SunEdison Retirement Savings Plan had $155.5 million in assets as of Dec. 31, up 14% from a year earlier, the growth primarily due to combined employer and employee contributions making up for the investment losses.
Corporate executives and directors of SunEdison Inc. and executives of the company's 401(k) plan were sued in January by a plan participant who alleged they breached their fiduciary duty by keeping that company stock fund in the plan. The lawsuit, Usenko et al. vs. SunEdison Inc. et al., filed in U.S. District Court in St. Louis, argued that defendants should have removed the company stock fund as an investment option because of the poor long-term prospects of the company, among other allegations.
SunEdison established a blackout period for participants beginning in March, citing the delay in releasing the company's annual report. SunEdison filed for Chapter 11 bankruptcy protection in April.
John Lamontagne, company spokesman, could not provide further information by press time. He referred questions to Gordon Handelsman, senior director, brand and corporate communications, who could not be immediately reached to provide further information.