BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Sky Solar holdings, Ltd. (“Sky Solar” or the “Company”) (NASDAQ: SKYS) securities: (1) pursuant and/or traceable to Sky Solar’s registration statement and prospectus issued in connection with the Company’s initial public offering completed on or about November 18, 2014; and (2) between November 14, 2014 and June 12, 2017, inclusive (the “Class Period”). Sky Solar investors have until August 15, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Sky Solar investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On June 13, 2017, the Company disclosed that, after reviewing certain conduct of its former Chief Executive Officer, Weili Su, the Company’s Management Committee would recommend to the Company’s board that the board form a committee to investigate the conduct. On this news, trading of the Company’s American Depository Shares was halted.
According to the Complaint filed in this class action, throughout the Class period, Sky Solar made materially false and misleading statements about the Company’s compliance, operational and business policies. Specifically, the complaint alleges that the Company issued false and/or misleading statements and/or failed to disclose that: (1) Sky Solar’s Code of Business Conduct and Ethics, and the codes enforcement by the Company’s Board of Directors, were inadequate to detect and/or deter misconduct by Sky Solar’s officers and directors; (2) consequently, Sky Solar’s founder Weili Su was involved in undisclosed misconduct during his tenure at the Company; and (3) as a result of the foregoing, Sky Solar’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Sky during the Class Period you may move the Court no later than August 15, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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