JinkoSolar reaches lawsuit settlement to tune of $5.05 million

Chinese solar manufacturer enters into settlement relating to 2011 lawsuit brought over environmental regulation dispute to “eliminate uncertainty” and burden of further protracted litigation, says company.

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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.

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Ian Clover

Ian joined the pv magazine team in 2013 and specializes in power electronics (inverters) and battery storage. Ian also reported on the UK solar market, having worked as a print and web journalist in Britain for various multimedia companies, covering topics ranging from renewable energy and sustainability to real estate, sport and film.

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