Investigation of Yingli Green Energy Holding, Co. Announced by Glancy Prongay & Murray LLP
May 20 2015 - 8:13PM
Business Wire
Glancy Prongay & Murray LLP announces that it is
investigating potential claims on behalf of investors of Yingli
Green Energy Holding, Co. (“Yingli” or the “Company”) (NYSE: YGE)
concerning the Company’s recent disclosures regarding its potential
insolvency in the face of nearly $2 billion in Company debt. Glancy
Prongay & Murray, LLP is preparing a complaint to recover
losses sustained by investors in the wake of recent disclosures
regarding Yingli’s financial instability.
Yingli is one of the world’s largest solar panel producers, and
operates on a high volume, low margin business model. On March 25,
2015, the Company reported disappointing quarterly results,
announcing a net loss of $88.7 million on revenue of $555.5
million. On this news the Company’s shares fell $0.35 per share, or
15%, to close on March 25, 2015 at $1.99 per share. Then, on May
15, 2015, the Company announced that there is “substantial doubt”
the Company 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 May 19, 2015,
Bloomberg News reported that the Company was seeking additional
investors to assist the Company in making payments on its debt. On
this news, the Company’s shares fell over the course of two trading
sessions by $0.76 per share, or 45%, to close on May 19, 2015 at
$0.94 per share.
If you purchased Yingli shares or other securities prior to May
15, 2015, have information or would like to learn more about these
claims, or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Lesley Portnoy, of Glancy Prongay & Murray LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067 at
310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com