NEW YORK (TheStreet) -- Shares of SunEdison (SUNE) are surging higher by 55.66% to 58 cents in pre-market trading on Thursday morning, after it was announced that the renewable energy company's review of its financials found no evidence of fraud.

The company's independent directors and audit committee had completed an investigation into its past accounting and had found no evidence to support claims of fraud or willful misconduct by SunEdison management, with the exception of one non-executive employee, MarketWatch reports.

The employee's misconduct is related to negotiations over termination.

The counsel did however find "issues with the company's overly optimistic culture and its tone at the top," the auditors and directors said in a regulatory filing, MarketWatch added.

The investigators believe that the "company's cash forecasting efforts lacked controls and were "overly optimistic and a more fulsome discussion of risks and adjustments with the board was warranted."

Additionally, SunEdison is in talks to sell minority stakes in its India solar projects to Finland's Fortum, sources told Reuters. The company is looking for funds to complete its proposed plants in India as it is concerned about bankruptcy back in the U.S.

Separately, TheStreet Ratings has set a "sell" rating and a score of D on SunEdison stock. This is driven by a few notable weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers.

The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: SUNE