DENVER, Jan. 8, 2009 (LAWFUEL) — Dyer & Berens LLP
(www.DyerBerens.com) today announced that it has filed a class action
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”). The complaint charges JA Solar and
certain of its officers and directors with violations of the Securities
Exchange Act of 1934.
If you purchased JA Solar ADSs during the Class Period, you may, no
later than February 2, 2009, request that the Court appoint you as a
lead plaintiff for the Class. A lead plaintiff is a class member that
acts on behalf of other investors in directing the litigation. Although
your ability to share in any recovery is not affected by your decision
to seek appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
For a free consultation regarding your rights and interests with
respect to the pending lawsuit, you may contact Jeffrey A. Berens, Esq.
at (888) 300-3362, (303) 861-1764 or via email at jeff@dyerberens.com.
In the class action complaint, the plaintiff 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. a three month, $100
million note, on or about July 9, 2008. 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.
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.
The plaintiff is represented by Dyer & Berens LLP, which has expertise
in prosecuting investor class actions involving financial fraud. The
firm’s extensive experience in securities litigation, particularly in
cases brought under the Private Securities Litigation Reform Act, has
contributed to the recovery of hundreds of millions of dollars for
aggrieved investors. For more information about the firm, please go to
http://www.dyerberens.com.
