NEW YORK, June 23, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sky Solar Holdings, Ltd. ("Sky Solar" or the "Company") (NASDAQ: SKYS) of the August 15, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Sky Solar American Depositary Shares ("ADSs") pursuant to the Company's initial public offering on or about November 18, 2014 (the "IPO") and/or between November 14, 2014 and June 12, 2017 (the "Class Period") and would like to discuss your legal rights, click here: www.faruqilaw.com/SKYS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Sky Solar securities pursuant to the Company's IPO and/or throughout the Class Period. The case, Barilli v. Sky Solar Holdings, Ltd. et al, No. 1:17-cv-04572 was filed on June 16, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company's Code of Business Conduct and Ethics, and the code's enforcement by the Company's Board of Directors, were inadequate; (ii) consequently, Sky Solar's founder and Chief Executive Officer ("CEO"), Weili Su ("Su"), was involved in undisclosed misconduct during his tenure at the Company; and (iii) as a result, Sky Solar's public statements were materially false and misleading.
Specifically, during market hours on June 6, 2017, Sky Solar announced that Su would "no longer serve as the Company's [CEO], or as director, officer, manager, legal representative or in any other management position of the Company's subsidiaries or any other consolidated entities." Then on June 13, 2017, Sky Solar disclosed that the Company's Management Committee plans to recommend that the board of directors form a committee to investigate Su's conduct during his tenure as the Company's CEO. As a result of these disclosures, Sky Solar's ADS price was negatively impacted, causing harm to investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sky Solar's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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