INVESTOR ALERT: Class Action Lawsuit Against Yingli Green Energy Holding Company Limited Announced By Law Offices of Howard G...
May 28 2015 - 5:55PM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Central District of California on behalf of a class (the “Class”)
comprising purchasers of American Depository Shares (“ADSs”) of
Yingli Green Energy Holding Company Limited (“Yingli” or the
“Company”) (NYSE:YGE) between March 18, 2014 and May 15, 2015,
inclusive (the “Class Period”).
Yingli, together with its subsidiaries, designs, develops,
manufactures, markets, sells, and installs photovoltaic, or solar
energy, products in the People’s Republic of China. The Company is
purportedly the world’s largest producer of solar energy products
by volume of products sold. The Complaint alleges that Defendants
made false and/or misleading statements and/or failed to disclose
to investors: (1) that the Company was inappropriately recognizing
revenue; (2) that the Company had no reasonable prospects to
collect on certain accounts receivable based on historical customer
conduct; (3) that the Company was no longer able to borrow from
commercial banks to fund its operations; (4) that the Company’s
inability to raise additional capital or borrow funds from
commercial banks threatened the Company’s ability to continue as a
going concern; and, (5) that, as a result of the foregoing,
Defendants’ statements about Yingli’s business, operations, and
prospects were false and misleading and/or lacked a reasonable
basis.
On May 15, 2015, the Company filed its Annual Report with the
SEC. Within its Annual Report, the Company disclosed there is
“substantial doubt” that Yingli can remain solvent, stating, “[o]ur
substantial indebtedness and net loss may adversely affect our
business, financial condition and results of operations, as well as
our ability to meet our payment obligations.” On this news, shares
of Yingli declined $0.21 per share, over 12%, to close on May 18,
2015, at $1.49 per share, on unusually heavy volume.
If you are a member of the Class described above, you may move
the Court no later than 60 days from the date of this Notice to
serve as lead plaintiff if you meet certain legal requirements. To
be a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If you wish to learn
more about this action, or if you have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website
at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150528006737/en/
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com