NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Sky Solar Holdings, Ltd. (NASDAQ:SKYS) securities between November 14, 2014 and June 12, 2017 (the “Class Period”). Investors have until August 15, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that Sky Solar made materially false and misleading statements and/or failed to disclose that: (i) Sky Solar’s Code of Business Conduct and Ethics, and the code’s enforcement by the Company’s Board of Directors, were inadequate to detect and/or deter misconduct by Sky Solar’s officers and directors; (ii) consequently, Sky Solar’s founder Weili Su (“Su”) was involved in undisclosed misconduct during his tenure at the Company; and (iii) as a result of the foregoing, Sky Solar’s public statements were materially false and misleading throughout the Class Period.
On June 6, 2017, Sky Solar announced that Su would no longer serve as CEO, and on June 13, 2017, the Company revealed that its Management Committee plans to recommend that the board of directors form a committee to investigate Su’s conduct during his tenure as Sky Solar’s CEO. Following this news, Sky Solar shares dropped $0.77 per share, or roughly 42%, over a six-day trading period to close at $1.08 per share on June 20, 2017.
If you purchased or otherwise acquired Sky Solar securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Sky Solar Holdings lawsuit, please go to www.bespc.com/skys. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.