NEW YORK, June 17, 2015 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against Yingli
Green Energy Holding Co. Ltd. ("Yingle" or the "Company")(NYSE:
YGE) and certain of its officers. The class action,
filed in United States District Court, Central District of
California, and docketed under
15-cv-04600, is on behalf of a class consisting of all persons or
entities who purchased Yingli securities between March 18, 2014 and May 15,
2015 inclusive (the "Class Period"). This class action
seeks to recover damages against Defendants for alleged violations
of the federal securities laws under the Securities Exchange Act of
1934 (the "Exchange Act").
If you are a shareholder who purchased Yingli securities during
the Class Period, you have until July 27,
2015 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
Yingli, together with its subsidiaries, designs, develops,
manufacture, 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 throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, Defendants made
false and/or misleading statements and/or failed to disclose: (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
its 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 March 25, 2015, the Company
announced its 2014 fiscal financial results. According to the
Company, Yingli had a net loss of $88.7
million on revenue of $555.5
million, which was substantially below its guidance and
analysts' expectations.
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.
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP