JinkoSolar agrees USD-5m settlement of pending lawsuit

Chinese solar products maker JinkoSolar Holding Co Ltd (NYSE:JKS) said today it has reached a USD-5.05-million (EUR 4.5m) settlement of a previously announced class action lawsuit.

The particular lawsuit was brought in 2011 on behalf of all buyers of JinkoSolar's American Depositary Shares (ADSs) between May 13, 2010 and September 20, 2011. The plaintiffs had alleged that some of JinkoSolar's filings with the US Securities and Exchange Commission included misrepresentations about the extent of its compliance with environmental regulations at home.

The company noted it continues to deny all allegations, but wants to settle the case just to “eliminate the uncertainty, burden and expense of further protracted litigation”. The settlement, it said, will also resolve all related claims against JinkoSolar officers and directors as well as the underwriters involved.

JinkoSolar intends to contribute a part of the settlement fund, while its insurers will finance the balance. The firm expects to take no charge in connection with the settlement.

Judge J Paul Oetken of the federal court in New York is yet to review and approve the proposed settlement.

(USD 1.0 = EUR 0.893)

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