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Sunedison soars on findings of accounts probe

The heavily indebted solar power group said several issues were identified in cash accounting practices, but no "material misstatements" were found.

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Sunedison shares rose around 99% to trade at 73 cents.

Sunedison Inc (NYSE:SUNE) shares shot up ahead of Thursday’s open after a probe by independent directors and its audit committee concluded there was no evidence of fraud.

The heavily indebted solar power group, which has been expected to go into bankruptcy, said that several issues were identified in cash accounting practices, but no "material misstatements" were found.

It also concluded that the group had an overly optimistic culture and tone.

Previously, in February, announced that it was delaying the release of its financial statements, and in March a deal to merger with Vivint Solar Inc collapsed.

Sunedison shares rose around 99% to trade at 73 cents.

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NYSE:SUNE
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