IMPORTANT SKY SOLAR HOLDINGS, LTD. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Sky Solar Holdings, Ltd.

6/21/2017, 11:09 PM (Source: GlobeNewswire)

NEW YORK, June 21, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Sky Solar Holdings, Ltd. (NASDAQ:SKYS) American Depositary Receipts (ADR’s) between November 14, 2014 and June 12, 2017, inclusive (the “Class Period”). Shareholders who purchased ADR’s pursuant to the November 13, 2014 Initial Public Offering (IPO) are especially urged to contact the firm as soon as possible.

Investors who have incurred losses in Sky Solar Holdings, Ltd. ADR’s are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have purchased Sky Solar Holdings, Ltd and would like to assist with the litigation process as a lead plaintiff, you may, no later than August 15, 2017, request that the Court appoint you lead plaintiff of the proposed class.

The Complaint alleges that Sky Solar made materially false and 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;
     
  • consequently, Sky Solar’s founder Weili Su (“Su”) was involved in undisclosed misconduct during his tenure at the Company; and
     
  • as a result of the foregoing, Sky Solar’s public statements were materially false and misleading throughout the Class Period.

On June 6, 2017, Sky Solar announced that Su would no longer serve as CEO, and on June 13, 2017, the Company revealed that its Management Committee plans to recommend that the board of directors form a committee to investigate Su’s conduct during his tenure as Sky Solar’s CEO.

Following this news, Sky Solar shares dropped $0.77 per share, or roughly 42%, over a six-day trading period to close as low as $1.08 per share on June 20, 2017.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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