CASES
JinkoSolar Holding Co., Ltd.
Class Period: May 13, 2010 to Sep 21, 2011
Lead Plaintiff Deadline: Dec 12, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against JinkoSolar Holding Co., Ltd. ("JinkoSolar") on behalf of all persons and entities who purchased or otherwise acquired JinkoSolar New York Stock Exchange-traded American Depositary Shares ("ADSs") between May 13, 2010 and September 21 , 2011, either in a May 13, 2010 Initial Public Offering ("IPO") or on the open market. between November 30, 2006 to March 23, 2011. This case has been filed in the USDC - New York (Southern).
According to the claims, JinkoSolar launched an IPO in the United States on May 13, 2010 issuing 5,835,000 ADSs to trade on the New York Stock Exchange, representing 23,340,000 ordinary shares. In the IPO Prospectus, Registration Statement, and subsequent SEC filings, JinkoSolar assured investors that it was in full compliance will all PRC environmental regulations.
The claims allege that last month, after a massive die-off of fish in a river adjacent to JinkoSolar's primary manufacturing facility in Haining, hundreds of local residents protested and eventually ransacked the facility. Thirty one people were detained by police, and the facility was shut for several weeks. Jinko has since admitted that it was responsible for the environmental contamination and agreed to take remedial action. JinkoSolar admitted at a press conference, "we cannot shirk responsibility for the legal consequences which have come from management slips." Following the disclosure of the contamination, JinkoSolar's ADSs lost more than 42% of their value in a single week, wiping out millions of dollars of shareholder value.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.