According to the law firm press release, Sky Solar Holdings, Ltd., an independent power producer, develops, owns, and operates solar parks worldwide. The Company develops projects and generates and sells electricity in the downstream solar market. The Company also sells solar energy systems, including pipeline and related engineering, construction, and procurement services, and is involved in building and transferring solar parks. In addition, Sky Solar provides operating and maintenance services for solar parks; and sells solar modules.
On or about November 18, 2014, Sky Solar completed its IPO, issuing 6,353,750 ADSs and raising net proceeds of approximately $46.1 million.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Sky Solar’s Code of Business Conduct and Ethics, and the code’s enforcement by the Company’s Board of Directors, were inadequate to detect and/or deter misconduct by Sky Solar’s officers and directors; (ii) consequently, Sky Solar’s founder was involved in undisclosed misconduct during his tenure at the Company; and (iii) as a result of the foregoing, Sky Solar’s public statements were materially false and misleading at all relevant times.
On September 8, 2017, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on November 9 and a second amended Complaint on February 16, 2018. Defendants filed a Motion to Dismiss the second amended Complaint on April 20. On May 23, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.