Lead Counsel Wolf Popper LLP Files Amended Complaint Alleging Sky Solar and other Defendants Made False Statements in IPO Documents and other SEC Filings
On February 16, 2018, lead counsel Wolf Popper LLP filed an Amended Complaint in Barilli v. Sky Solar Holdings, LTD, No. 17-cv-4572, pending in the United States District Court for the Southern District of New York. The Amended Complaint alleges that Sky Solar Holdings, LTD (“Sky Solar”), certain of its officers and directors, and Sky Solar’s underwriters made materially false and misleading statements in Sky Solar’s IPO documents and other SEC filings, in violation of the Securities Act of 1933 and the Securities Exchange Act of 1934. Among other things, the Complaint alleges that the defendants failed to disclose that Weili Su, Sky Solar’s founder and executive chairman, had $44 million of unpaid debts, which Chinese civil authorities to sanction him and suspend his right to purchase “high-value consumptions,” and failed to disclose that Su had engaged in other unethical and illegal activities. Su eventually stole at least $15 million from Sky Solar, forcing his termination from management and his replacement as chairman. The Complaint also alleges that the Defendants misrepresented the effectiveness of Sky Solar’s internal controls and certain aspects of Sky Solar’s business operations. When the truth was revealed in June 2017, Sky Solar’s stock price declined 42%, causing Sky Solar’s shareholders significant damages.
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Wolf Popper LLP Notifies Investors In Sky Solar Holdings, Ltd. of Deadline to File Amended Complaint
NEW YORK, October 24, 2017
Wolf Popper LLP is the Court-appointed Lead Counsel in a class action lawsuit pending against Sky Solar Holdings, Ltd. (NASDAQ: SKYS) in the United States District Court for the Southern District of New York. The lawsuit is brought on behalf of investors who purchased American Depositary Shares (“ADSs”) of Sky Solar: (1) pursuant or traceable to Sky Solar’s Registration Statement and Prospectus issued in connection with the Company’s initial public offering on November 14, 2014; and (2) on the open market from November 14, 2014 through June 12, 2017, both dates inclusive, seeking to recover damages caused by defendants’ violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
The action alleges that Sky Solar and certain of its officers made materially false and misleading statements regarding Sky Solar’s business, and operational and compliance policies.
Pursuant to an order by the Court, the Lead Plaintiff has until November 7, 2017 to file an amended complaint. If you are a shareholder who purchased Sky Solar ADSs or otherwise have information concerning Sky Solar relevant to the lawsuit, you are urged to contact Lead Counsel to discuss the amended complaint.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
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