STEVENSON, Md., June 20, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Sky Solar Holdings, Ltd. (Nasdaq: SKYS ) (Sky Solar or the “Company”) American Depositary Shares (“ADSs”) (1) pursuant and/or traceable to the Company’s initial public offering (“IPO”) on or about November 18, 2014; and/or (2) on the open market between November 14, 2014 through June 12, 2017 inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until August 15, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Sky Solar’s ADSs during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the Company’s initial public offering on or about November 18, 2014 and during the Class Period that the Company’s Code of Business Conduct and Ethics and its enforcement by the board of directors were not enough to detect and/or deter misconduct by its officers and directors and that Sky Solar’s founder, Mr. Weili Su (“Su”), was involved in undisclosed misconduct during his tenure.
According to the complaint, following a June 6, 2017 announcement that Su would no longer be part of the Company, and a June 13, 2017 announcement 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, the value of Sky Solar ADSs declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Sky Solar ADSs pursuant and/or traceable to the Company’s IPO, or purchased ADSs on or after November 14, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, and you would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
