Bernstein Liebhard LLP Announces Filing of a Class Action Against Jinkosolar Holding Co. Ltd.
October 26, 2011
Bernstein Liebhard LLP today announced that a lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) of investors who purchased JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS) ADSs between the period of May 13, 2010 and September 21, 2011 (the “Class Period”). Plaintiffs allege violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 against JinkoSolar, several of its officers, and several underwriters of its May 13, 2010 offering.
JinkoSolar is one of the world’s largest manufacturers of photovoltaic (“PV”) products, including crystalline ingots, wafers, cells and mono- and multi-crystalline PV panels. Based in the People’s Republic of China, 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.
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. JinkoSolar has since admitted that it was responsible for the environmental contamination and agreed to take remedial action. JinkoSolar 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’s ADSs lost more than 42% of their value in a single week, wiping out millions of dollars of shareholder value.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired JinkoSolar ADSs during the Class Period. If you purchased or otherwise acquired JinkoSolar ADSs during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than December 12, 2011.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a JinkoSolar shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.