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If you purchased shares of JA Solar Holdings Co Ltd (NASDAQ: JASO), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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July 7, 2011 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys' fees and expenses, and dismissed the action with prejudice.
June 24, 2011 - The court held a final settlement hearing.
February 18, 2011 - The court preliminarily approved the settlement.
January 28, 2011 - Parties filed stipulation of settlement.
May 17, 2010 - The court denied the defendants' motion to dismiss the second amended complaint.
January 8, 2010 - The court closed the defendants' motion to dismiss the amended consolidated complaint.
October 8, 2009 - Defendants filed a motion to dismiss.
August 21, 2009 - The lead plaintiff filed a second amended consolidated complaint.
July 15, 2009 - Defendants filed a motion to dismiss.
June 1, 2009 - The lead plaintiff filed an amended consolidated complaint.
April 17, 2009 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
February 2, 2008 - Lead plaintiff motions were filed.
December 3, 2008 - An investor in shares of JA Solar Holdings Co Ltd (NASDAQ: JASO) filed a lawsuit in the U.S. District Court for the Southern District of New York against JA Solar Holdings Co Ltd over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff charges JA Solar Holdings Co Ltd and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between August 12, 2008 and November 12, 2008 defendant issued materially false and misleading statements regarding JA Solar Holdings Co Ltd's business and financial results.
Specifically, the defendants failed to disclose that JA Solar Holdings Co Ltd purchased from a subsidiary of Lehman Brothers Inc, a three month, $100 million note (the Lehman note) on or about July 9, 2008 and at the time of this purchase, Lehman Brothers, which guaranteed the Lehman note, was under severe financial distress. Then at the end of the Class Period, JA Solar Holdings Co Ltd wrote off its $100 million investment in the Lehman note and after JA Solar Holdings Co Ltd fully disclosed and recorded an impairment in the value of its investment in the Lehman note, on November 12, 2008, JA Solar Holdings Co Ltd’s stock closed at $2.38 per share, a price that represented a decline of more than 87% from the high between August 12, 2008 and November 12, 2008, so the lawsuit.
February 2011 - JA Solar Holdings Co Ltd has announced that it has reached an agreement in principle to settle the securities class action lawsuit. Under the terms of the proposed settlement, a sum of US$4.5 million will be made available to shareholders who may qualify for a distribution under the settlement. As part of the settlement, the plaintiff has agreed to dismiss the action and drop all claims against JA Solar Holdings Co Ltd and the Individual defendants. The settlement, which is not final until the class receives notice of the settlement and the Court grants final approval of the settlement terms, is within the limits of JA Solar Holdings Co Ltd's D&O policy. The Court has issued preliminary approval of the settlement, and notices of settlement will be issued to eligible shareholders. Shareholders will be offered an opt-out period, and the Court has set June 24, 2011, as the hearing date for final approval of the settlement.