Securities Class Action Filed Against Yingli Green Energy Holding Company Limited
Violations of federal securities laws as a result of a series of materially false statements. 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 that 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, or by more than 12%, to close on May 18, 2015 at $1.49 per share, on unusually heavy volume. Filed in C.D. Cal.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 7/27/2015.
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