The Shareholders Foundation announced that a deadline is coming up on April 5, 2016 in the settlement reached in the securities class action lawsuit filed for investors who purchased NYSE: STP shares of between August 18, 2010 and July 30, 2012.
Investors who purchased a significant amount of shares of Suntech Power Holdings Co Ltd (NYSE: STP) between August 18, 2010 and July 30, 2012, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Suntech Power Holdings Co Ltd (NYSE: STP) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/suntech-power-holdings-co-ltd-ads-nyse-stp-investor-securities-class-action-lawsuit-08022012
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is April 5, 2016. The class action administrator for this case is KCC Class Action Services.
The lawsuit was originally filed in the U.S. District Court for the Northern District of California against Suntech Power Holdings Co Ltd over alleged violations of Federal Securities Laws in connection with certain false and misleading statements made between August 18, 2010 and July 30, 2012. According to the complaint the plaintiff alleges on behalf of investors who purchased the securities of Suntech Power Holdings Co Ltd (NYSE: STP) between August 18, 2010 and July 30, 2012, that Suntech Power Holdings Co Ltd and its present and former officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly false and misleading information to investors about Suntech Power Holdings Co Ltd’s financial and business condition. Specifically, so the lawsuit, defendants allegedly misrepresented and/or failed to disclose that over 560 million (EURO) of German government bonds pledged to Suntech Power Holdings Co Ltd in connection with a loan guarantee Suntech Power Holdings Co Ltd made for a related entity, did not exist.
Then on July 30, 2012, Suntech Power Holdings Co Ltd announced that it is conducting an investigation into a security interest Suntech Power Holdings Co Ltd received in connection with its investment in Global Solar Fund, SCA, Sicar (“GSF”). Based on recent review and inquiries, Suntech Power Holdings Co Ltd suspects that the collateral related to the security interest may not have existed and Suntech Power Holdings Co Ltd may have been a victim of fraud.
In May 2010, Suntech Power Holdings Co Ltd guaranteed payment obligations related to finance facilities provided to an investee company of Global Solar Fund, SCA, Sicar in the amount of approximately EUR 554.2 million. As security for Suntech Power Holdings Co Ltd’s obligations under the guarantee, Suntech Power Holdings Co Ltd received a pledge of German government bonds in the amount of EUR 560.0 million from GSF Capital Pte Ltd., a third-party investor of Global Solar Fund, SCA, Sicar.
Suntech Power Holdings Co Ltd said that as part of its initiative to monetize its investment in Global Solar Fund, SCA, Sicar, Suntech Power Holdings Co Ltd engaged outside counsel to review and assist the process and as a result of these efforts, Suntech Power Holdings Co Ltd’s outside counsel recently noted certain facts and circumstances suggesting that the Bonds may not have existed and Suntech Power Holdings Co Ltd may have been a victim of fraud.
Those who purchased NYSE: STP shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com