It had to be within days of announcing it’s sponsorship of the San Francisco 49ers in September that JinkoSolar was feeling some environmental heat. The Huffington Post reported in mid September,“Police detained at least 20 people after hundreds of villagers protested last week, some storming the factory compound and overturning vehicles. Authorities said the factory had failed to address earlier environmental complaints and that the protests followed mass fish deaths in late August due to runoff from heavy rains.” Then in early October the company reported it was in the process of completion of its phase I environment safety upgrade at its facility in Haining City west of Shanghai in the Zhejiang Province of China.
Since then Los Angeles based law firm Glancy Binkow & Goldberg LLP has just filed a class action lawsuit on behalf of investors who purchased or otherwise acquired Jinko stock on the open market between May 13, 2010 and September 21, 2011. The securities fraud class action lawsuit was filed in the United States District Court for the Southern District of New York.
The Complaint alleges that in the Prospectus and Registration Statement issued in connection with the Company’s IPO, and in subsequent filings with Securities and Exchange Commission, JinkoSolar represented that the Company was in full compliance will all environmental regulations in the People’s Republic of China. The Complaint further alleges that last month, after a massive die-off of fish in a river adjacent to JinkoSolar’s primary manufacturing facility in Haining, China, hundreds of local residents protested and eventually ransacked the facility, 31 people were detained by police, and the facility was shut for several weeks.
Los Angeles: Fake Boobs and Electric Vehicles