JA Solar Announces Settlement of Class Action Lawsuit
February 24 2011 - 8:00AM
JA Solar Holdings Co., Ltd. (Nasdaq:JASO) ("JA Solar" or the
"Company"), one of the world's largest manufacturers of
high-performance solar cells and solar power products, today
announced that it has reached an agreement in principle to settle
the securities class action lawsuits, Lee R. Ellenburg III, et al.
v. JA Solar Holdings Co., Ltd. et al, pending in the United States
District Court for the Southern District of New York (the "Court"),
initially filed on December 3, 2008, and later consolidated by
order of the court dated April 17, 2009.
Under the terms of the proposed settlement, a sum of US$4.5
million (less any award of attorneys' fees and costs to counsel for
the class that may be approved by the Court) will be made available
to shareholders who may qualify for a distribution under the
settlement. As part of the settlement, the plaintiff has agreed to
dismiss the action and drop all claims against JA Solar and the
Individual Defendants. The settlement, which is not final until the
class receives notice of the settlement and the Court grants final
approval of the settlement terms, is within the limits of the
Company's D&O policy.
The Court has issued preliminary approval of the settlement, and
notices of settlement will be issued to eligible shareholders.
Shareholders will be offered an opt-out period, and the Court has
set June 24, 2011, as the hearing date for final approval of the
settlement.
The settlement agreement contains no admission of liability and
the Company denies specifically all of the allegations in the
consolidated complaint and any misconduct in connection with the
issuance of its securities. However, the Company has determined
that continued litigation will be both costly and distracting and,
accordingly, has elected to settle the case.
Mr. Jian Xie, COO of JA Solar, commented: "We are pleased to
have reached an agreement to settle this litigation, which we
believe is in the best interests of the Company and its
shareholders. We look forward to closing this chapter, and focusing
on achieving our business goals for 2011."
About JA Solar Holdings Co., Ltd.
JA Solar Holdings Co., Ltd. is a leading manufacturer of
high-performance solar power products. The company sells its
products to solar manufacturers worldwide, who assemble and
integrate solar cells into modules and systems that convert
sunlight into electricity for residential, commercial, and
utility-scale power generation. For more information, please visit
http://www.jasolar.com.
The JA Solar Holdings Co., Ltd. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=8631
CONTACT: In China
Martin Reidy
Brunswick Group
Tel: +86-10-5960-8600
E-mail: jasolar@brunswickgroup.com
In the U.S.
Cindy Zheng
Brunswick Group
Tel: +1-212-333-3810
E-mail: jasolar@brunswickgroup.com
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