A class-action lawsuit has been filed on behalf of investors who purchased or otherwise acquired shares of JinkoSolar Holding Co. Ltd. between May 13, 2010, and Sept. 21, 2011, according to the Law Offices of Howard G. Smith.
The lawsuit, seeking to pursue remedies under the Securities Act of 1933 and the Securities Exchange Act of 1934, was filed in the U.S. District Court for the Southern District of New York.
The complaint alleges that after JinkoSolar asserted in investment documents that it was in full compliance with environmental regulations, an incident occurred in September involving a ‘massive die-off of fish in a river adjacent to JinkoSolar's primary manufacturing facility in Haining, China. [H]undreds of local residents protested and eventually ransacked the facility, 31 people were detained by police, and the facility was shut for several weeks.’
Following the disclosure of the contamination, JinkoSolar's shares lost more than 42% of their value in a single week, causing investor losses, the complaint states.