Securities Class Action Lawsuit Filed Against Suntech Power Holdings Co.; Shareholders With Large Losses Encouraged to Contact Holzer Holzer & Fistel, LLC Before October 1st Lead Plaintiff Deadline
(firmenpresse) - ATLANTA, GA -- (Marketwire) -- 09/10/12 -- A class action lawsuit has been filed on behalf of investors who purchased American Depository Shares of Suntech Power Holdings Co., LTD ("Suntech" or the "Company") (NYSE: STP) between August 18, 2010 and July 30, 2012. The lawsuit, which was filed in the United States District Court for the Northern District of California, alleges that Suntech executives violated the federal securities laws by misrepresenting the existence of over 560 million (EURO) in German government bonds which were purportedly pledged to Suntech in connection with the Company's loan guarantee it made for a related entity, Global Solar Fund ("GSF"). On July 30, 2012, Suntech disclosed that investigations into the supposed security interest suggested that the German bonds did not exist and the Company filed several lawsuits seeking control of GSF. The value of Suntech's ADSs declined significantly on the news.
If you purchased Suntech common stock between August 18, 2010 and July 30, 2012, and suffered a net loss on those purchases you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than October 1, 2012. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Investors who are interested in serving as lead plaintiff or who have questions concerning their legal rights may contact Michael I. Fistel, Jr., Esq. () or Marshall P. Dees, Esq. () by email or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.
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Datum: 10.09.2012 - 09:50 Uhr
Sprache: Deutsch
News-ID 1149637
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