Class Action Lawsuit Against Yingli Green Energy Holding Company Limited Filed By Glancy Prongay & Murray LLP
May 28 2015 - 2:43PM
Business Wire
Glancy Prongay & Murray LLP, representing investors of
Yingli Green Energy Holding Company Limited (“Yingli” or the
“Company”) (NYSE: YGE), has filed a class action lawsuit in the
United States District Court for the Central District of California
on behalf of a class (the “Class”) comprising purchasers of
Yingli’s American Depository Shares (“ADSs”) between March 18, 2014
and May 15, 2015, inclusive (the “Class Period”).
Please contact Casey Sadler, Esquire or Lesley Portnoy, Esquire
at (310) 201-9150, or at shareholders@glancylaw.com to discuss this
matter. If you inquire by email, please include your mailing
address, telephone number and number of shares purchased.
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 Casey Sadler, Esquire, or Lesley Portnoy, Esquire, of
Glancy Prongay & Murray LLP, 1925 Century Park East, Suite
2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail
to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire via email, please include
your mailing address, telephone number, and number of shares
purchased.
This Notice 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/20150528006477/en/
Glancy Prongay & Murray LLP, Los Angeles, CACasey Sadler,
Esq.orLesley Portnoy, Esq.(310) 201-9150(888)
773-9224shareholders@glancylaw.comwww.glancylaw.com