NEW YORK, June 21, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Sky Solar Holdings, Ltd. ("Sky" or the "Company") (NASDAQ:SKYS) securities and certain of its officers, on behalf of a class who purchased American Depositary Shares (“ADSs”) of Sky Solar: (1) pursuant and/or traceable to Sky Solar’s allegedly false and misleading Registration Statement and Prospectus issued in connection with the Company’s initial public offering completed on or about November 18, 2014 (the “IPO” or the “Offering”); and/or (2) on the open market between November 14, 2014 and June 12, 2017, both dates inclusive. Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/skys.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
Sky Solar Holdings, Ltd., an independent power producer, develops, owns, and operates solar parks worldwide. On or about November 18, 2014, Sky completed its IPO, issuing 6,353,750 ADSs and raising net proceeds of about $46.1 million.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants allegedly made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) as a result, Sky Solar’s founder Weili Su was involved in undisclosed misconduct during his tenure at the Company; and (3) consequently, Sky Solar’s public statements were materially false and misleading at all relevant times.
On June 6, 2017, Sky Solar revealed 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.” Following this news, Sky dropped $0.02 per share, or 1.06%, to close at $1.87 on June 7, 2017, the following trading day.
On June 13, 2017, Sky revealed that its Management Committee plans to recommend to the board to form a committee to investigate the conduct of Mr. Weili Su, Sky’s former Chief Executive Officer. Following this news, Sky temporarily ceased trading. When trading resumed, on June 15, 2017, Sky dropped $0.19 per share, or 10.35%, to close at $1.66 on June 15, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/skys or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Sky you have until August 15, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.