Oct 9, 2013 - Chinese firm Yingli Green Energy Holding Co Ltd (NYSE:YGE) today declared as “baseless” the claims against it in an antitrust and unfair trade practice lawsuit initiated by bankrupt US firm Energy Conversion Devices Inc (NASDAQ:ENER), or ECD.
A bankruptcy trustee for the Michigan-based solar technology firm earlier this month filed a legal case against Yingli Green and sector players Trina Solar Ltd (NYSE:TSL) and Suntech Power Holdings Co Ltd (NYSE:STP), accusing them of price-fixing and dumping practices. It says that the actions of these Chinese companies have led to to EDC’s bankruptcy. The three Chinese companies are being sued for USD 950 million (EUR 701m) for conspiring to export over 95% of their production and sell it at lower than market prices in the US, according to the lawsuit filing with the District Court in Detroit.
Yingli Green said it was still reviewing the filing and noted that the case was similar to the one with US solar panel maker Solyndra LLC, which went bust in 2011 and accused the three Chinese photovoltaics (PV) makers of illegal practices. “In both instances, the companies are bankrupt and appear to be blaming others for their own failed thin-film technology and flawed business models”, Yingli Green said.
The company will continue to defend itself and expects it will “prevail in both cases", Yingli Green Energy Americas’ managing director Robert Petrina said.
(USD 1.0 = EUR 0.738)
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