Date: 27 October 2011
The class action lawsuit, seeking to pursue remedies under the Securities Act of 1933 and the Securities Exchange Act of 1934, was filed in the United States District Court for the Southern District of New York.
JinkoSolar, together with its subsidiaries, engages in the manufacture and sale of solar power products, under the JinkoSolar brand name, in China and internationally. The Company provides solar modules, silicon wafers and ingots, and solar cells in addition to processing services, including silicon wafer tolling services. The Complaint alleges that in the Prospectus and Registration Statement issued in connection with the Company’s IPO, and in subsequent filings with Securities and Exchange Commission, JinkoSolar represented that the Company was in full compliance will all environmental regulations in the People’s Republic of China. The Complaint further alleges that last month, after a massive die-off of fish in a river adjacent to JinkoSolar’s primary manufacturing facility in Haining, China, hundreds of local residents protested and eventually ransacked the facility, 31 people were detained by police, and the facility was shut for several weeks.
Subsequently, JinkoSolar admitted that it was responsible for the environmental contamination and agreed to take remedial action, and further admitted at a press conference that “we cannot shirk responsibility for the legal consequences which have come from management slips.” Following the disclosure of the contamination, JinkoSolar ADSs lost more than 42% of their value in a single week, causing investor losses.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased JinkoSolar ADSs pursuant to the Company’s May 13, 2010 IPO, or on the open market between May 13, 2010 and September 21, 2011, you have certain rights, and have 60 days from October 11, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice 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 http://www.howardsmithlaw.com.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Add new comment