Lawsuit Overview
June 17, 2018 - Parties filed a stipulation of settlement.
June 14, 2018 - The U.S. Court of Appeals for the Ninth Circuit dismissed the appeal without prejudice.
September 15, 2017 - The lead plaintiffs filed a notice of appeal.
August 15, 2017 - The court granted defendants' motion to dismiss without leave to amend.
August 8, 2016 - Defendants filed a motion to dismiss.
June 24, 2016 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased American Depository Shares of Yingli Green Energy Hold Co Ltd (ADR) (NYSE: YGE) between December 2, 2010 and May 15, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between December 2, 2010 and May 15, 2015.
May 10, 2016 - The court granted in part and denied in part defendants' motion to dismiss.
January 4, 2016 - The lead plaintiffs filed another amended complaint.
November 20, 2016 - The lead plaintiffs filed an amended complaint.
October 6, 2015 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
July 27, 2015 - Lead plaintiff motions were filed.
May 28, 2015 - An investor in American Depository Shares of Yingli Green Energy Hold Co Ltd (ADR) (NYSE: YGE) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Yingli Green Energy Hold Co Ltd in connection with certain allegedly false and misleading statements made between March 18, 2014 and May 15, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Yingli Green Energy Hold Co Ltd (ADR) (NYSE: YGE) common shares between March 18, 2014 and May 15, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 18, 2014 and May 15, 2015 made allegedly false and/or misleading statements and/or allegedly failed to disclose that the Company was inappropriately recognizing revenue, that Yingli Green Energy Hold Co Ltd had no reasonable prospects to collect on certain accounts receivable based on historical customer conduct, that Yingli Green Energy Hold Co Ltd was no longer able to borrow from commercial banks to fund its operations, that the Company’s inability to raise additional capital or borrow funds from commercial banks threatened the Company’s ability to continue as a going concern, and that, as a result of the foregoing, Defendants’ statements about Yingli Green Energy Hold Co Ltd’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On March 25, 2015, Yingli Green Energy Hold Co Ltd reported its fourth quarter and full year 2014. Yingli Green Energy Hold Co Ltd announced that its annual Total Revenue declined from $2.16 billion in 2013 to over $2.08 billion in 2014 and that its Net Loss declined from $313.85 million to $209.81 million. Yingli Green Energy Hold Co Ltd also issued its business outlook for the full year 2015.
On May 15, 2015, Yingli Green Energy Hold Co Ltd announced that it filed its annual report on Form 20-F for the year ended December 31, 2014 with the U.S. Securities and Exchange Commission on May 15, 2015. Among, other things, Yingli Green Energy Hold Co Ltd said that there is “substantial doubt” Yingli Green Energy Hold Co Ltd can remain solvent, stating, that its substantial indebtedness and net loss may adversely affect its business, financial condition and results of operations, as well as its ability to meet its payment obligations.
On May 19, 2015, a news report said that Yingli Green Energy Hold Co Ltd was seeking additional investors to assist Yingli Green Energy Hold Co Ltd in making payments on its debt.
Shares of Yingli Green Energy Hold Co Ltd (ADR) (NYSE: YGE) declined from $6.89 per share in early 2014 to as low as $0.72 per share on May 19, 2015.