Sky Solar Holdings, Ltd. : American Depositary Shares Securities Litigation
On or around 11/18/2020 (Court's order of dismissal)
Filing Date: July 17, 2020
According to the Complaint, Sky Solar Holdings, Ltd. is a China-based company incorporated in the Cayman Islands that owns various subsidiaries that operate in the renewable energy business.
This is a securities class action brought on behalf of current holders of Sky Solar’s American Depository Shares, which currently trade on the NASDAQ. This suit is brought against Sky Solar regarding allegedly deficient disclosures in its combined Tender Offer Statement on Schedule TO and Transaction Statement on Schedule 13E-3 (together the “Merger Documents”), filed July 6, 2020.
The Complaint alleges that investors are being asked to tender shares (the “Tender Offer”), to a group that includes affiliates of Sky Solar (the “Offeror Group”) based on materially misleading and incomplete disclosures. If the Offeror Group succeeds in obtaining 90% ownership of Sky Solar through the Tender Offer, the Offeror Group will then conduct a short-form merger to acquire any remaining shares of Sky Solar (the “Merger”).
This case was voluntarily dismissed as moot on November 18, 2020.
Company & Securities Information
Defendant: Sky Solar Holdings, Ltd.
Industry: Electric Utilities
Ticker Symbol: SKYS
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.
First Identified Complaint
Quadre Investments L.P., et al. v. Sky Solar Holdings, Ltd., et al.