However, on July 30, 2012, the Company disclosed that it was conducting an investigation into the security interest that Suntech purportedly received in May 2010 from GSF Capital Pte Ltd. According to the Company, outside counsel that had been hired as part of Suntech’s initiative to monetize its investment in GSF had noted certain facts and circumstances suggesting that the German government bonds in the amount of €560.0 million purportedly pledged to the Company may not have ever existed. On this news, shares of the Company declined over 14%, closing at $1.34 per share on July 30, 2012, on unusually high volume of over 4 million shares.If you wish to serve as lead plaintiff, you must move the Court no later than October 1, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
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 email@example.com, 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.