Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Suntech Power Holdings Co., Ltd.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the securities of Suntech Power Holdings Co., Ltd. (“Suntech” or the “Company”) (NYSE: STP) between August 18, 2010 and July 30, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).
If you purchased American Depository Shares (“ADSs”) of Suntech during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/suntech-power-holdings-co-ltd-stp.
Suntech, a Cayman Islands corporation headquartered in China, is one of the leading PV solar manufacturers in the world. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. Specifically, the Complaint alleges (1) that Suntech had not been pledged €560.0 million in German government bonds from Global Solar Fund Capital Pte Ltd., in connection with its May 2010 financing agreement with the China Development Bank; (2) that the Company lacked internal and financial controls; and (3) that, as a result, the Company’s financial statements were materially false and misleading at all relevant times. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, in May 2010, the Company entered into an arrangement in which it guaranteed payment obligations under finance facilities provided by China Development Bank to Solar Puglia II, S.ar.L, an investee company of Global Solar Fund, S.C.A., Sicar (“GSF”), in the amount of approximately €554.2 million. As security for the Company’s obligations under the guarantee, Suntech purportedly received a pledge of €560.0 million in German government bonds from GSF Capital Pte Ltd., the parent of the general partner of GSF.
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