NEW YORK, Aug. 10, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Suntech Power Holdings Co. Ltd. ("Suntech" or the "Company") (NYSE: STP).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Suntech had not been pledged EURO 560 million in German government bonds from GSF Capital Pte Ltd. ('GSF"), in connection with its May 2010 financing arrangement with the China Development Bank; (2) the Company lacked internal and financial controls; and (3) as a result, the Company's financial statements were materially false and misleading at all relevant times.
On July 30, 2012, Suntech disclosed that it was conducting an investigation into the security interest that it purportedly received in May 2010 from GSF. According to Suntech, outside counsel that had been hired as part of Suntech's initiative to monetize its investment in GSF had noted certain information suggesting that the German government bonds of EURO 560.0 million purportedly pledged to the Company, in fact, never existed. On this news, Suntech shares fell by over 14%, closing at $1.34 per share at July 30, 2012 market close.
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If you purchased Suntech securities between August 18, 2010 and July 30, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/STP. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected] Faruqi & Faruqi, LLP also encourages anyone with information regarding Suntech's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Francis McConville, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330