Case Page

 

Case Status:    SETTLED
On or around 11/19/2012 (Other)

Filing Date: December 03, 2008

According to a press release dated December 03, 2008, the complaint alleges that, during the Class Period, defendants made materially false and misleading statements about the Company’s financial condition and operating results. Specifically, defendants failed to disclose that JA Solar purchased from a subsidiary of Lehman Brothers Inc.(“Lehman Brothers”) a three month, $100 million note (the “Lehman note”) on or about July 9, 2008. At the time of this purchase, Lehman Brothers, which guaranteed the Lehman note, was under severe financial distress. According to the complaint, defendants failed to disclose: (i) that JA Solar had made a material, highly speculative investment in a subsidiary of Lehman Brothers, an entity that was then undergoing a credit crisis and under significant financial distress; (ii) that the value of JA Solar’s investment in the Lehman note had diminished considerably; and (iii) that, as a result of the foregoing, defendants’ positive statements concerning JA Solar’s financial performance, outlook and earnings guidance were materially false and misleading and without reasonable basis.

Ultimately, at the end of the Class Period, JA Solar wrote off its $100 million investment in the Lehman note. After JA Solar fully disclosed and recorded an impairment in the value of its investment in the Lehman note, on November 12, 2008, JA Solar’s stock closed at $2.38 per share, a price that represented a decline of more than 87% from the high during the three month Class Period.

On April 17, 2009, an order for consolidation of cases Nos. 08 Civ. 10475 and 08 Civ. 11366 were consolidated. The order also granted Bill Chen's motion for appointment as lead plaintiff and approval of lead plaintiff's selection of counsel.

On June 01, 2009, an amended complaint was filed by the lead plaintiff in this action.

On August 21, 2009, a second amended complaint was filed by the lead plaintiff in this action.

On May 17, 2010, the defendants' motion to dismiss was denied and the Clerk was directed to close Docket No. 47.

On January 28, 2011, a Settlement Agreement was submitted to the Court pursuant to Rule 23 of the Federal Rules of Civil Procedure and Rule 408 of the Federal Rules of Evidence. The agreement embodies a settlement made and entered into by the Settling Parties.

On February 18, 2011, an Order Preliminarily Approving Settlement and Providing for Notice of the hearing was issued by the Court.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: JASO
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 08-CV-10475
JUDGE: Hon. John G. Koeltl
DATE FILED: 12/03/2008
CLASS PERIOD START: 08/12/2008
CLASS PERIOD END: 11/12/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Dyer & Berens LLP (former)
    682 Grant Street, Dyer & Berens LLP (former), CO 80203-3507
    303.861.1764 303.861.1764 · contact@dyerberens.com
  3. Holzer Holzer & Fistel, LLC (former Atlanta)
    1117 Perimeter Center West, Suite E-107, Holzer Holzer & Fistel, LLC (former Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-10475
JUDGE: Hon. John G. Koeltl
DATE FILED: 06/01/2009
CLASS PERIOD START: 08/12/2008
CLASS PERIOD END: 11/12/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Dyer & Berens LLP (former)
    682 Grant Street, Dyer & Berens LLP (former), CO 80203-3507
    303.861.1764 303.861.1764 · contact@dyerberens.com
  3. Holzer Holzer & Fistel, LLC (former Atlanta)
    1117 Perimeter Center West, Suite E-107, Holzer Holzer & Fistel, LLC (former Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
No Document Title Filing Date
No Document Title Filing Date