DEADLINE ALERT: Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit against Yingli G...
June 22 2015 - 11:43AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed on behalf of a class comprising purchasers
of the securities of Yingli Green Energy Holding, Co. (“Yingli” or
the “Company”) (NYSE: YGE) between March 18, 2014 and May 15, 2015,
inclusive (the “Class Period”).
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.
The complaint alleges that defendants made allegedly false
and/or misleading statements and/or allegedly failed to disclose
that: (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.
If you purchased Yingli securities during the Class Period, you
may move the Court no later than July 27, 2015, 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, 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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com