Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS) Investor Securities Class Action Lawsuit 06/16/2017

If you purchased shares of Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS), you have certain options and for certain investors are short and strict deadlines running. Deadline: August 15, 2017. NASDAQ:SKYS investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Sky Solar Holdings
Case Name: 
Sky Solar Holdings Shareholder Class Action Lawsuit 06/16/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: SKYS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/16/2017
Class Period Begin: 
11/14/2014
Class Period End: 
06/12/2017
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
08/15/2017
Summary: 

June 16, 2017 (Shareholders Foundation) - An investor in shares of Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Sky Solar Holdings Ltd in connection with certain allegedly false and misleading statements made between November 14, 2014 and June 12, 2017.

According to the complaint the plaintiff alleges on behalf of investors, who purchased or otherwise acquired the American Depositary Shares (“ADSs”) of Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS) pursuant and/or traceable to Sky Solar’s Registration Statement and Prospectus issued in connection with the Company’s IPO completed on or about November 18, 2014 and/or who purchased or otherwise acquired the American Depositary Shares (“ADSs”) of Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS)on the open market between November 14, 2014 and June 12, 2017,, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 14, 2014 and June 12, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Sky Solar’s Code of Business Conduct and Ethics, and the code’s enforcement by the Company’s Board of Directors, were inadequate to detect and/or deter misconduct by Sky Solar’s officers and directors, that consequently, Sky Solar’s founder Weili Su was involved in undisclosed misconduct during his tenure at the Company, and that as a result of the foregoing, Sky Solar’s public statements were materially false and misleading at all relevant times.

Sky Solar Holdings, Ltd. is an investment holding company that is an independent power producer (IPP) engaged in developing, owning and operating solar parks.

Sky Solar Holdings Ltd reported that its annual Total Revenue rose from $47.16 million in 2015 to $65.92 million in 2016 and that its Net Loss of $1.40 million in 2015 turned to a Net Income of $3.78 million in 2016.
On June 6, 2017, Sky Solar Holdings announced that Weili Su would “no longer serve as the Company’s Chief Executive Officer, or as director, officer, manager, legal representative or in any other management position of the Company’s subsidiaries or any other consolidated entities.”

On June 13, 2017, Sky Solar Holdings Ltd announced that its Management Committee intends to recommend to the board to form a committee to investigate the conduct of its former Chief Executive Officer Mr. Weili Su.

Shares of Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS) declined to as low as $1.25 per share on June 16, 2017.