Labaton Sucharow LLP Files Securities Class Action Lawsuit against JA Solar Holdings Co. Ltd. and Its Co-Founder and Chief Executive Officer
NEW YORK--(BUSINESS WIRE)--Dec 21, 2018--Labaton Sucharow LLP (“Labaton Sucharow”) announces that on December 20, 2018, it filed a securities class action lawsuit on behalf of its client ODS Capital LLC (“ODS Capital”) against JA Solar Holdings Co. Ltd. (NASDAQ:JASO) (“JA Solar” or the “Company”) and certain of its executives (collectively, “Defendants”). The action, captioned ODS Capital LLC v. JA Solar Holdings Co. Ltd, No. 18-cv-12083 (S.D.N.Y.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder, on behalf of all former stockholders and former owners of JA Solar stock and ADS who sold shares, and were damaged thereby, during the period between December 11, 2017 and July 16, 2018, inclusive (the “Class Period”).
On July 16, 2018, JA Solar, purported to be one of the world’s largest manufacturers of high-performance solar power products, completed its merger (the “Merger”) with JASO Top Holdings Limited (“JASO Top”), JASO Holdings Limited (“Holdco”), JASO Parent Limited (“Parent”), and JASO Acquisition Limited (“Merger Sub”) pursuant to the agreement and plan of merger dated November 17, 2017 by and among the parties. As a result of the Merger, the Company ceased to be a publicly traded company on the NASDAQ stock exchange.
Contrary to the Company’s repeated reassurances about no substantial changes to its structures or relisting following the Merger, only a few days after its delisting from the NASDAQ, it was announced that the now controller of JA Solar had signed an “Important Assets Reorganization Intention Agreement” with Chinese-based company Tianye Tolian for the purchase of 100 percent equity of JA Solar via issuance of shares. This deal, operating as a “backdoor listing,” would allow JA Solar to return to the stock market by relisting on the Shenzhen Stock Exchange at a multiple, to the detriment of shareholders who unknowingly sold JA Solar’s stock and ADS at substantially deflated values during the Class Period as part of the scheme.
The Complaint alleges that JA Solar shareholders were misled into accepting consideration from the Merger that was well below fair value for their JA Solar shares. Specifically, defendants failed to disclose: (1) that the Company’s Proxy materials misrepresented and/or omitted material information that was necessary for Company shareholders to make an informed decision concerning whether to vote in favor of the Merger; (2) that contrary to the representations in the Proxy, the Company already had plans to relist its shares in China prior to closing the Merger and its delisting from the NASDAQ; and (3) as a result, the Company’s statements about its business, operations, and prospects lacked a reasonable basis.
If you sold JA Solar stock or ADS during the Class Period, and was damaged thereby, you are a member of the “Class” and may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the U.S. District Court for the Southern District of New York no later than February 19, 2019. The Lead Plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as Lead Plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as Lead Plaintiff or have any questions about this lawsuit, you may contact Francis P. McConville, Esq. of Labaton Sucharow, at (800) 321-0476, or via email at email@example.com.
ODS Capital is represented by Labaton Sucharow, which represents many of the largest pension funds in the United States and internationally with combined assets under management of more than $2 trillion. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at www.labaton.com.
You can view a copy of the complaint here.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181221005537/en/
CONTACT: Labaton Sucharow
Francis P. McConville, 800-321-0476
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Labaton Sucharow LLP
Copyright Business Wire 2018.
PUB: 12/21/2018 02:39 PM/DISC: 12/21/2018 02:39 PM