LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber announces that it is investigating potential claims against Suntech Power Holdings Co., Ltd. (“Suntech” or the “Company”) (NYSE:STP) concerning possible violations of federal securities laws. The investigation is related to certain statements issued by the Company between August 18, 2010 and July 30, 2012 regarding Suntech’s business, operations and financial condition. Suntech is a solar energy company engaged in the design, development, manufacture and marketing of photovoltaic products.
Specifically, the investigation relates to Suntech’s July 30, 2012 disclosure that the Company is conducting an investigation into a security interest Suntech received in connection with its investment in Global Solar Fund, S.C.A., Sicar – a purported investment fund that invests in private companies that own or develop projects in the solar energy sector. According to the Company, Suntech suspects that the collateral related to the security interest, a pledge of German government bonds in the amount of EURO 560.0 million, may not have existed.
As a result of this news, shares of Suntech declined $0.23 per share, or 14.65%, to close on July 30, 2012 at $1.34 per share, on unusually heavy volume.
If you purchased Suntech securities between August 18, 2010 and July 30, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.
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