NEW YORK, Oct. 19, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS) who purchased or otherwise acquired JinkoSolar American Depositary Shares between May 13, 2010 and September 21, 2011 (the "Class Period"). Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 350.
The investigation concerns whether JinkoSolar and certain of its officers and/or directors have violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2) and 15 of the Securities Act of 1933.
JinkoSolar is one of the world's largest manufacturers of photovoltaic products. Based in the People's Republic of China, JinkoSolar launched an IPO in the United States on May 13, 2010, issuing 5,835,000 ADSs to trade on the NYSE, representing 23,340,000 ordinary shares. In the IPO Prospectus, Registration Statement, and subsequent SEC filings, JinkoSolar assured investors that it was in full compliance will all local environmental regulations.
Last month, after a massive die-off of fish in a river adjacent to JinkoSolar's primary manufacturing facility in Haining, hundreds of local residents protested and eventually ransacked the facility. Thirty-one people were detained by police, and the facility was closed for several weeks. JinkoSolar has since admitted that it was responsible for the environmental contamination and has agreed to take remedial action. During a press conference, JinkoSolar stated that "we cannot shirk responsibility for the legal consequences which have come from management slips." Following the disclosure of the contamination, JinkoSolar's ADSs lost more than 42% of their value in a single week, wiping out millions of dollars of shareholder value.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.