SunEdison Inc, the controversial solar energy company, surged in late trading on Thursday after rumours started to circulate that David Tepper, the billionaire owner of Appaloosa Management LP, was building a stake in the company.
David Einhorn, whose Greenlight Capital Re Ltd. is SunEdison’s largest shareholder also rallied to the company’s defense on Thursday. Einhorn attempted to reassure investors that SunEdison is on track to meet its operational goals and fears about the company’s lack of access to additional capital are overdone.
“We see the potential for a significant recovery in the stock price from current levels,” Einhorn said.
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