NEW YORK, July 6, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, a global investor rights firm, announces that a class action lawsuit has been filed on behalf of all purchasers of Yingli Green Energy Holding Co. Ltd. (NYSE:YGE) common stock during the period from March 18, 2014 through May 15, 2015, all dates inclusive. The lawsuit seeks to recover investors' losses under the federal securities laws.
To join the Yingli class action, visit the firm's website at http://www.rosenlegal.com/cases-626.html, or contact Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The complaint alleges that Yingli made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was inappropriately recognizing revenue; (2) that the Company had no reasonable prospects to collect on certain accounts receivable based on historical customer conduct; (3) that the Company was no longer able to borrow from commercial banks to fund its operations; (4) that the Company's inability to raise additional capital or borrow funds from commercial banks threatened the Company's ability to continue as a going concern; and, (5) that, as a result of the foregoing, Defendants' statements about Yingli's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On March 25, 2015, the Company announced its 2014 fiscal financial results. According to the Company, Yingli had a net loss of $88.7 million on revenue of $555.5 million, which was substantially below its guidance and analysts' expectations. On this news, shares of Yingli fell $0.35 per share to close at $1.99 per share on March 25, 2015, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 27, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to the firm's website at http://www.rosenlegal.com/cases-626.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.