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NEW YORK, July 17, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Yingli Green Energy Holding Co. Ltd. (“Yingli” or the “Company”) (NYSE:YGE) and certain of its officers. The class action, filed in United States District Court, Central District of California, is on behalf of a class consisting of all persons or entities who purchased Yingli securities between March 18, 2014 and May 15, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Yingli securities during the Class Period, you have until July 27, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Yingli, together with its subsidiaries, designs, develops, manufacture, markets, sells, and installs photovoltaic, or solar energy, products in the People’s Republic of China. The Company is purportedly the world’s largest producer of solar energy products by volume of products sold.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was inappropriately recognizing revenue; (2) that the Company had no reasonable prospects to collect on certain accounts receivable based on historical customer conduct; (3) that the Company was no longer able to borrow from commercial banks to fund its operations; (4) 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, (5) that, as a result of the foregoing, Defendants’ statements about Yingli’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On March 25, 2015, the Company announced its 2014 fiscal financial results. According to the Company, Yingli had a net loss of $88.7 million on revenue of $555.5 million, which was substantially below its guidance and analysts’ expectations.
On this news, the Company’s shares fell $0.35 per share, or 15%, to close on March 25, 2015 at $1.99 per share.
On May 15, 2015, the Company filed its Annual Report with the SEC. Within its Annual Report, the Company disclosed there is “substantial doubt” that Yingli can remain solvent, stating, “[o]ur substantial indebtedness and net loss may adversely affect our business, financial condition and results of operations, as well as our ability to meet our payment obligations.”
On this news, shares of Yingli declined $0.21 per share, over 12%, to close on May 18, 2015, at $1.49 per share, on unusually heavy volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz LLP firstname.lastname@example.orgNEXT ARTICLE
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