NEW YORK, June 17, 2015 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Yingli Green Energy Holding Co. Ltd. ("Yingle" or the "Company")(YGE) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 15-cv-04600, is on behalf of a class consisting of all persons or entities who purchased Yingli securities between March 18, 2014 and May 15, 2015 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Yingli securities during the Class Period, you have until July 27, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Yingli, together with its subsidiaries, designs, develops, manufacture, markets, sells, and installs photovoltaic, or solar energy, products in the People's Republic of China. The Company is purportedly the world's largest producer of solar energy products by volume of products sold.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. 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 its 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, the Company's shares fell $0.35 per share, or 15%, to close on March 25, 2015 at $1.99 per share.