Suntech Power Holdings Co Ltd (ADS) (NYSE: STP) Investor Securities Class Action Lawsuit 08/02/2012

If you purchased shares of Suntech Power Holdings Co Ltd (NYSE: STP), you might have certain options and 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): 
Suntech Power Holdings
Case Name: 
Suntech Power Holdings Shareholder Class Action Lawsuit 08/02/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: STP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/02/2012
Class Period Begin: 
08/18/2010
Class Period End: 
07/30/2012
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
10/01/2012
Date Settled: 
10/08/2015
Settlement Amount: 
$5,000,000
Deadline to Participate in Settlement: 
04/05/2016
Summary: 

The settlement includes all persons or entities that purchased or otherwise acquired Suntech Power Holidngs Co Ltd American Depositary Shares or Suntech 3.00% Convertible Senior Notes between August 18, 2010 and July 30, 2012.

March 6, 2017 - The court ordered the authorization of the distribution of the net settlement fund.

February 12, 2016 - The court approved the settlement, the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

February 11, 2016 - The court held a final settlement hearing.

October 8, 2015 - The court preliminarily approved the settlement.

August 18, 2015 - Parties filed a stipulation of settlement.

August 12, 2014 - The court denied the defendants' motion to dismiss.

January 27, 2014 - The lead plaintiffs filed a second amended complaint.

December 26, 2013 - The court granted the defendants' motion to dismiss and granted plaintiffs leave to file an amended complaint.

June 28, 2013 - The defendants filed additional motions to dismiss.

April 8, 2013 - The defendants filed a motion to dismiss.

February 5, 2013 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Suntech Power Holdings Co Ltd (NYSE: STP) securities between June 4, 2010 and July 30, 2012. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between June 4, 2010 and July 30, 2012.

November 13, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

October 1, 2012 - Lead plaintiff motions were filed.

August 2, 2012 - An investor in American Depositary Shares (ADS) of Suntech Power Holdings Co Ltd (NYSE: STP) filed a lawsuit 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 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.

Shares of Suntech Power Holdings Co Ltd (NYSE: STP) fell from $1.61 on Friday, July 27, 2012, to as low as $0.91 per share on August 2, 2012.