Third class action lawsuit launched against Suntech10. August 2012 | Industry & Suppliers, Markets & Trends | By: Becky Beetz
A third class action lawsuit has been launched against Suntech on the back of the news that German government bonds received in 2010, totaling €560 million, may be fictitious.
Following the announcement by the Chinese photovoltaic module manufacturer that it had launched an investigation on July 30 into the validity of the bonds in connection with its Global Solar Fund, S.C.A., Sicar (GSF), the Rosen Law Firm and Glancy Binkow & Goldberg LLP launched class action lawsuits alleging Suntech "lacked internal and financial controls", meaning its financial statements "were materially false and misleading at all relevant times" between August 18, 2010, and July 30, 2012.
Now, Bernstein Liebhard LLP has said a securities class action lawsuit has commenced in the U.S. District Court for the Northern District of California. The allegations again claim Suntech "made materially false and misleading statements regarding the company's business operations, financial condition and prospects". The law firm added that Suntech’s shares dropped by more than 14 percent on the back of the news, "closing at $1.34 per share on July 30, 2012, on unusually high volume of over 4 million shares."
Responding to the news, communications manager Europe, Björn Emde told pv magazine, "The class action [lawsuits] filed against us are nothing special and certainly nothing we worry about."
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