JinkoSolar reaches lawsuit settlement to tune of $5.05 million

Share

JinkoSolar, the Tier-1 Chinese solar company, has reached a $5.05 million settlement in a lawsuit brought in 2011 regarding the purchase of American Depositary Shares pertaining to the alleged misrepresentation of Jinko’s compliance with Chinese environmental regulations.

Should the settlement offer be approved by the New York federal court, members of the class action will be entitled to their share of the $5.05 million settlement, less any court-related charges. JinkoSolar’s insurers will part-fund the monies, with JinkoSolar stumping up the remaining bill while taking no further charges in connection with the case.

For its part, JinkoSolar reiterated in a press statement its denial of any wrongdoing in relation to the allegations, stating that it has decided to reach the settlement to "eliminate the uncertainty, burden and expense of further protracted litigation."

The shares in question were issued between May 13, 2010 and September 20, 2011, prompting a class action lawsuit alleging that JinkoSolar’s filings with the U.S. Securities and Exchange Commission (SEC) obfuscated the extent of the company’s environmental compliance in China.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

German authorities arrest Solar Fabrik CEO

18 July 2024 The German police have arrested Christian Laibacher, the CEO of German solar manufacturer Solarfabrik, in relation to an investigation by the Würzburg...

Share

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.