JinkoSolar Class Action
JinkoSolar Holding Co., Ltd. – JKS
Zamansky LLC and Sianni & Straite LLP Announce Class Action Lawsuit Against JinkoSolar Holding Co., Ltd., Credit Suisse Securities (USA) LLC and Other Related Defendants
October 11, 2011 (New York)
Notice is hereby given that a class action lawsuit has been filed today, October 11, 2011 in the United States District Court for the Southern District of New York by an investor individually and on behalf of all other investors who purchased or otherwise acquired JinkoSolar New York Stock Exchange-traded American Depositary Shares [NYSE: JKS], CUSIP 47759T100, between May 13, 2010 and September 21, 2011 (the “Class Period”). The Class Action Complaint alleges that JinkoSolar and certain of its officers and/or directors have violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, and includes a claim for equitable assessment of attorneys’ fees. The Complaint also asserts Section 11 and 12(a)(2) claims against lead underwriter Credit Suisse Securities (USA) LLC and other investment banks that underwrote JinkoSolar’s May 13, 2010 IPO.
JinkoSolar is one of the world’s largest manufacturers of photovoltaic (”PV”) products, including crystalline ingots, wafers, cells and mono- and multi-crystalline PV panels. Based in the People’s Republic of China, JinkoSolar launched an IPO in the United States on May 13, 2010 issuing 5,835,000 ADSs to trade on the New York Stock Exchange, representing 23,340,000 ordinary shares. In the IPO Prospectus, Registration Statement, and subsequent SEC filings, JinkoSolar assured investors that it was in full compliance will all PRC environmental regulations.
Last month, after a massive die-off of fish in a river adjacent to JinkoSolar’s primary manufacturing facility in Haining, hundreds of local residents protested and eventually ransacked the facility. 31 people were detained by police, and the facility was shut for several weeks. Jinko has since admitted that it was responsible for the environmental contamination and agreed to take remedial action. JinkoSolar admitted at a press conference, “we cannot shirk responsibility for the legal consequences which have come from management slips.” Following the disclosure of the contamination, JinkoSolar’s ADSs lost more than 42% of their value in a single week, wiping out millions of dollars of shareholder value.
Plaintiff is represented by Zamansky LLC, a New York-based law firm with extensive experience in prosecuting securities fraud and financial services arbitration and litigation; and Sianni & Straite LLP, a Delaware-based litigation firm (with a branch office in New York) whose primary mission is to protect the rights of investors.
If you purchased JinkoSolar ADSs during the Class Period, you may, no later than 60 days from October 11, 2011, move the court to serve as lead plaintiff of the putative class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Attention: JACOB H. ZAMANSKY
50 Broadway, 32nd Floor
New York, NY 10004
Tel.: (212) 742-1414
Fax: (212) 742-1177