LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP announces that it is investigating potential claims on behalf of investors of Yingli Green Energy Holding, Co. (“Yingli” or the “Company”) (NYSE: YGE) concerning the Company’s recent disclosures regarding its potential insolvency in the face of nearly $2 billion in Company debt. Glancy Prongay & Murray, LLP is preparing a complaint to recover losses sustained by investors in the wake of recent disclosures regarding Yingli’s financial instability.
Yingli is one of the world’s largest solar panel producers, and operates on a high volume, low margin business model. On March 25, 2015, the Company reported disappointing quarterly results, announcing a net loss of $88.7 million on revenue of $555.5 million. On this news the Company’s shares fell $0.35 per share, or 15%, to close on March 25, 2015 at $1.99 per share. Then, on May 15, 2015, the Company announced that there is “substantial doubt” the Company can remain solvent, stating, “[o]ur substantial indebtedness and net loss may adversely affect our business, financial condition and results of operations, as well as our ability to meet our payment obligations.” On May 19, 2015, Bloomberg News reported that the Company was seeking additional investors to assist the Company in making payments on its debt. On this news, the Company’s shares fell over the course of two trading sessions by $0.76 per share, or 45%, to close on May 19, 2015 at $0.94 per share.
If you purchased Yingli shares or other securities prior to May 15, 2015, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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