June 1, 2020 _ The court dismissed the case.

May 23, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

April 20, 2018 - A motion to dismiss the second amended complaint was filed.

February 16, 2018 - A second amended complaint was filed.

November 9, 2017 - An amended complaint was filed.

June 16, 2017 (Shareholders Foundation) - An investor in shares of Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Sky Solar Holdings Ltd in connection with certain allegedly false and misleading statements made between November 14, 2014 and June 12, 2017.

According to the complaint the plaintiff alleges on behalf of investors, who purchased or otherwise acquired the American Depositary Shares (“ADSs”) of Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS) pursuant and/or traceable to Sky Solar’s Registration Statement and Prospectus issued in connection with the Company’s IPO completed on or about November 18, 2014 and/or who purchased or otherwise acquired the American Depositary Shares (“ADSs”) of Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS)on the open market between November 14, 2014 and June 12, 2017,, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 14, 2014 and June 12, 2017, the defendants made false and/or misleading statements and/or failed to disclose that 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, that consequently, Sky Solar’s founder Weili Su was involved in undisclosed misconduct during his tenure at the Company, and that as a result of the foregoing, Sky Solar’s public statements were materially false and misleading at all relevant times.

Sky Solar Holdings, Ltd. is an investment holding company that is an independent power producer (IPP) engaged in developing, owning and operating solar parks.

Sky Solar Holdings Ltd reported that its annual Total Revenue rose from $47.16 million in 2015 to $65.92 million in 2016 and that its Net Loss of $1.40 million in 2015 turned to a Net Income of $3.78 million in 2016.
On June 6, 2017, Sky Solar Holdings announced that Weili Su would “no longer serve as the Company’s Chief Executive Officer, or as director, officer, manager, legal representative or in any other management position of the Company’s subsidiaries or any other consolidated entities.”

On June 13, 2017, Sky Solar Holdings Ltd announced that its Management Committee intends to recommend to the board to form a committee to investigate the conduct of its former Chief Executive Officer Mr. Weili Su.

Shares of Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS) declined to as low as $1.25 per share on June 16, 2017.