Free Market Evaluation - Send us your resume and we will give you free feedback
Allied Irish Bank Sues Citibank for Fraud
Allied Irish Bank Sues Citibank for Fraud
Record-Setting Settlement for Gulf of Mexico Oil Spill
Record-Setting Settlement for Gulf of Mexico Oil Spill
Beck’s Beer Loses False Advertising Suit, Beer Actually Brewed in the U.S.
Beck’s Beer Loses False Advertising Suit, Beer Actually Brewed in th...
General Electric to Sell Most of Its Fleet-Financing Business
General Electric to Sell Most of Its Fleet-Financing Business
Legal Job Listings
Download PDF

JinkoSolar Holding Co Lawsuit to Proceed View Count: 533

JinkoSolar

A shareholder lawsuit against JinkoSolar Holding Co will continue based on a ruling from a U.S. appeals court, according to Reuters.

The company makes solar panels and is from China. The lawsuit was filed due to claims that the company concealed the fact that one of its factories was dumping toxic waste into a river.

The ruling came from the 2nd U.S. Circuit Court of Appeals in New York. The ruling overturned a ruling from a lower court in January of 2013. The lower court dismissed the case filed against JinkoSolar and the company’s underwriters. The lawsuit was sent back to U.S. District Judge Paul Oetken.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




According to the ruling from the appeals court, the company’s failure to disclose “ongoing, serious pollution problems” in two stock offering prospectuses from 2010 “rendered misleading” statements regarding its efforts to comply with environmental laws in China.

In the May 2010 prospectus for the company’s initial public offering, JinkoSolar said that it installed equipment to lower pollution. The company also said that it hired environmental monitoring teams to make sure the company was complying with Chinese standards.

Circuit Judge Ralph Winter wrote the opinion for a three-judge 2nd Circuit panel. He said the following:

“These descriptions did not guarantee 100% compliance 100% of the time. Such compliance may often be unobtainable, and reasonable investors may be deemed to know that. However, investors would be misled … if in fact the equipment and 24-hour team were then failing to prevent substantial violations of the Chinese regulations.”

JinkoSolar Holding Co Lawsuit to Proceed by

Tagged: , ,

Posted by on July 31, 2014. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Accountant for Law Firm
USA-FL-Pensacola
Cutting-edge law firm seeks experienced Staff Accountant to join their team! This position offers job security, flexibility, work-life balance, and competitive salary. Candidates should have 7 to 1...


Apply now

Related Posts: