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COUGHLIN STOIA GELLER RUDMAN & ROBBINS LLP FILES CLASS
ACTION SUIT AGAINST JA SOLAR HOLDINGS CO., LTD.
New York – December 3, 2008 – Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/jasolar/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depository Shares (“ADS”) of JA Solar Holdings Co., Ltd. (“JA Solar” or the “Company”) (NASDAQ:JASO) during the period between August 12, 2008 and November 12, 2008 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/jasolar/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges JA Solar and certain of its officers and directors with violations of the Securities Exchange Act of 1934. JA Solar describes itself as a leading China-based manufacturer of high-performance solar cells. JA Solar is principally involved in the development, manufacture and sale of high quality solar photovoltaic products to global markets.
The complaint alleges that, during the Class Period, defendants made materially false and misleading statements about the Company’s financial condition and operating results. Specifically, defendants failed to disclose that JA Solar purchased from a subsidiary of Lehman Brothers Inc. (“Lehman Brothers”) a three month, $100 million note (the “Lehman note”) on or about July 9, 2008. At the time of this purchase, Lehman Brothers, which guaranteed the Lehman note, was under severe financial distress. According to the complaint, defendants failed to disclose: (i) that JA Solar had made a material, highly speculative investment in a subsidiary of Lehman Brothers, an entity that was then undergoing a credit crisis and under significant financial distress; (ii) that the value of JA Solar’s investment in the Lehman note had diminished considerably; and (iii) that, as a result of the foregoing, defendants’ positive statements concerning JA Solar’s financial performance, outlook and earnings guidance were materially false and misleading and without reasonable basis.
Ultimately, at the end of the Class Period, JA Solar wrote off its $100 million investment in the Lehman note. After JA Solar fully disclosed and recorded an impairment in the value of its investment in the Lehman note, on November 12, 2008, JA Solar’s stock closed at $2.38 per share, a price that represented a decline of more than 87% from the high during the three month Class Period.
Plaintiff seeks to recover damages on behalf of all purchasers of JA Solar publicly traded securities the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.
Contact:
Coughlin Stoia Geller Rudman & Robbins LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld
djr@csgrr.com
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