Lawsuit Overview
Settlement Overview
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March 11, 2016 - The court held a final settlement hearing and approved the settlement including the plan of allocation and the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
September 17, 2015 - The court preliminarily approved the settlement.
September 15, 2015 - Parties filed a stipulation of settlement.
September 30, 2014 - The defendants filed motions to dismiss.
August 21, 2014 - The U.S. Court of Appeals for the Second Circuit ordered the decision of the district court is vacated and the case is remanded.
March 25, 2013 - The U.S. Court of Appeals for the Second Circuit granted plaintiff's notice of voluntary dismissal of appeal and each party shall bear their own costs.
February 21, 2013 - The lead plaintiffs filed another notice of appeal.
February 19, 2013 - The lead plaintiffs filed a notice of appeal.
January 22, 2013 - The court granted defendants' motions to dismiss.
August 1, 2012 - Defendants filed motions to dismiss.
June 1, 2012 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased JinkoSolar Holding Company Limited (NYSE: JKS) common shares between May 13, 2010 and September 20, 2011. The plaintiffs allege that the defendants violated the Securities Act of 1933 by issuing false and misleading statements between May 13, 2010 and September 20, 2011.
March 19, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
December 12, 2011 - Lead plaintiff motions were filed.
October 11, 2011 - An investor in shares of JinkoSolar Holding Company Limited (NYSE: JKS) filed a lawsuit in U.S. District Court for the Southern District of New York against JinkoSolar Holding Company Limited over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 13, 2010 and September 21, 2011.
According to the complaint the plaintiff alleges on behalf of all other investors who purchased or otherwise acquired JinkoSolar Holding Company Limited New York Stock Exchange-traded American Depository Shares (NYSE: JKS) between May 13, 2010 and September 21, 2011, that JinkoSolar Holding Company Limited and certain of its officers and/or directors have violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. The plaintiff also alleges that the lead underwriter and other investment banks that underwrote JinkoSolar Holding Company Limited’s May 13, 2010 IPO violated Federal Securities Laws.
JinkoSolar Holding Company Limited launched an IPO in the United States on May 13, 2010. JinkoSolar Holding Company Limited reported an enormous increase in its 12 months Total Revenue and Net Income over the past four filing periods. JinkoSolar Holding Company Limited reported that its annual Revenue rose from $709.15 million in 2007 to $4.65 billion in 2010 and its Net Income increased from $76.05 million in 2007 to $881.87 million in 2010. In addition JinkoSolar Holding Company Limited reported that its second quarter Revenue in 2011 rose to $2.26 billion from $900.62 million one year earlier and that its second quarter Net Income rose from 4180.65 million last year to $235.26 million this year.
Shares of JinkoSolar Holding Company Limited (NYSE: JKS) grew from roughly $9 per share in May 2010 to as high as almost $36 per share in November 2010. During the first half of 2011 JKS reached almost $30 and were able to trade over $20 per share.
However, since July 2011 NYSE: JKS shares fell to as low as $5.43 per share on September 22, 2011 after JinkoSolar Holding Company Limited (NYSE: JKS) on September 19, 2011 announced that recent reports indicated that Zhejiang Jinko Co, Ltd, a subsidiary of JinkoSolar Holding Company Limited, discharged a small amount of solid waste containing fluoride into a nearby brook and that Zhejiang Jinko Co., Ltd. has temporarily suspended production at its facility in Haining until the impact of any possible environmental damage has been assessed and remedied. JinkoSolar Holding Company Limited also said that an initial investigation conducted by the local environmental protection authority indicated that the issue may have been caused by the company’s transitory storage of waste as it sought a new waste management contractor to comply with the environmental authority’s latest policy. The plaintiff alleges that JinkoSolar Holding Company Limited admitted at a press conference, “we cannot shirk responsibility for the legal consequences which have come from management slips.”
JinkoSolar Holding Company Limited (NYSE: JKS) stocks closed on September 23, 2010 at $6.05 per share and declined to as low as $4.71 on October 4, 2011.