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JA Solar signs agreement to settle securities class action lawsuit
10 hours 46 minutes ago - DTM via Comtex
Datamonitor
JA Solar Holdings Co., Ltd, a manufacturer of solar cells and solar power
products, has reached an agreement in principle to settle the securities
class action lawsuits, Lee Ellenburg III, et al. v. JA Solar Holdings Co.,
Ltd. et al, pending in the US District Court for the Southern District of
New York, initially filed on December 3, 2008, and later consolidated by
order of the court dated April 17, 2009.
Under the terms of the proposed settlement, a sum of $4.5 million will be
made available to shareholders who may qualify for a distribution under the
settlement. As part of the settlement, the plaintiff has agreed to dismiss
the action and drop all claims against JA Solar and the Individual
Defendants.
The settlement, which is not final until the class receives notice of the
settlement and the Court grants final approval of the settlement terms, is
within the limits of the company's D&O policy.
The Court has issued preliminary approval of the settlement, and notices of
settlement will be issued to eligible shareholders. Shareholders will be
offered an opt-out period, and the Court has set June 24, 2011, as the
hearing date for final approval of the settlement.
The settlement agreement contains no admission of liability and the company
denies specifically all of the allegations in the consolidated complaint and
any misconduct in connection with the issuance of its securities. However,
the company has determined that continued litigation will be both costly and
distracting and, accordingly, has elected to settle the case.
Mr. Jian Xie, COO of JA Solar, commented: "We are pleased to have reached an
agreement to settle this litigation, which we believe is in the best
interests of the company and its shareholders. We look forward to closing
this chapter, and focusing on achieving our business goals for 2011."
http://www.datamonitor.com
Republication or redistribution, including by framing or similar means, is
expressly prohibited without prior written consent. Datamonitor shall not be
liable for errors or delays in the content, or for any actions taken in
reliance thereon
10 hours 46 minutes ago - DTM via Comtex
Datamonitor
JA Solar Holdings Co., Ltd, a manufacturer of solar cells and solar power
products, has reached an agreement in principle to settle the securities
class action lawsuits, Lee Ellenburg III, et al. v. JA Solar Holdings Co.,
Ltd. et al, pending in the US District Court for the Southern District of
New York, initially filed on December 3, 2008, and later consolidated by
order of the court dated April 17, 2009.
Under the terms of the proposed settlement, a sum of $4.5 million will be
made available to shareholders who may qualify for a distribution under the
settlement. As part of the settlement, the plaintiff has agreed to dismiss
the action and drop all claims against JA Solar and the Individual
Defendants.
The settlement, which is not final until the class receives notice of the
settlement and the Court grants final approval of the settlement terms, is
within the limits of the company's D&O policy.
The Court has issued preliminary approval of the settlement, and notices of
settlement will be issued to eligible shareholders. Shareholders will be
offered an opt-out period, and the Court has set June 24, 2011, as the
hearing date for final approval of the settlement.
The settlement agreement contains no admission of liability and the company
denies specifically all of the allegations in the consolidated complaint and
any misconduct in connection with the issuance of its securities. However,
the company has determined that continued litigation will be both costly and
distracting and, accordingly, has elected to settle the case.
Mr. Jian Xie, COO of JA Solar, commented: "We are pleased to have reached an
agreement to settle this litigation, which we believe is in the best
interests of the company and its shareholders. We look forward to closing
this chapter, and focusing on achieving our business goals for 2011."
http://www.datamonitor.com
Republication or redistribution, including by framing or similar means, is
expressly prohibited without prior written consent. Datamonitor shall not be
liable for errors or delays in the content, or for any actions taken in
reliance thereon