Suntech Power Holdings Co., Ltd.

Suntech Power Holdings Co., Ltd.

UPDATE

On February 12, 2016, the District Court for the Northern District of California approved a final settlement of the claims in this case for $5 million.

Please download the order approving on the settlement in the right sidebar.

In February 2013, our client and two other lead plaintiffs filed an amended class action complaint in the District Court for the Northern District of California against, Suntech Power Holdings Co., Ltd. and its former Chief Executive Officer Zhengrong Shi (“Shi”), its former Chief Financial Officer Amy Yi Zhang (“Zhang”), and its current Chief Executive Officer and former Chief Financial Officer David King (“King”) alleging material misrepresentations in connection with, among other things, Suntech’s guarantee of a loan to a related party, Global Solar Fund, S.C.A., Sicar (“GSF”).

After the Court dismissed the initial amended complaint in December 2013, the lead plaintiffs filed a second amended complaint on January 27, 2014 (against Shi only since an involuntary bankruptcy petition was filed against Suntech on October 14, 2013). A copy may be downloaded from the link on the right.

On August 12, 2014, the Court denied Shi's motion to dismiss the second amended complaint on the grounds that that such amended complaint sufficiently averred that Shi acted with scienter when making allegedly false statements during the class period, and that at least some of Shi’s statements regarding the fair valuation of Suntech were false when made. A copy of the ruling may be downloaded from the link on the right.