Case Page

 

Case Status:    DISMISSED    
On or around 09/19/2017 (Other)

Filing Date: May 28, 2015

According to the law firm press release, Yingli, together with its subsidiaries, designs, develops, manufactures, markets, sells, and installs photovoltaic, or solar energy, products in the People’s Republic of China. The Company is purportedly the world’s largest producer of solar energy products by volume of products sold. 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 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, over 12%, to close on May 18, 2015, at $1.49 per share, on unusually heavy volume.

Plaintiffs filed a consolidated complaint on November 20, 2015. A corrected version of this Complaint was re-filed on January 4, 2016.

On May 10, 2016, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend their complaint. Plaintiffs filed an amended complaint on June 24.

On August 15, 2017, the Court issued an Order granting Defendants' Motion to Dismiss.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: YGE
Company Market: New York SE
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: C.D. California
DOCKET #: 15-CV-04003
JUDGE: Hon. Christina A. Snyder
DATE FILED: 05/28/2015
CLASS PERIOD START: 03/18/2014
CLASS PERIOD END: 05/15/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 15-CV-04003
JUDGE: Hon. Christina A. Snyder
DATE FILED: 04/24/2017
CLASS PERIOD START: 12/02/2010
CLASS PERIOD END: 05/15/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
No Document Title Filing Date