NEW YORK, Aug. 04, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed
against Sky Solar Holdings, Ltd. (“Sky Solar” or the “Company”) (NASDAQ:SKYS) and certain of its officers. The class
action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-04572, is on behalf of a
class consisting of investors who purchased or otherwise acquired the American Depositary Shares (“ADSs”) of Sky Solar: (1)
pursuant and/or traceable to Sky Solar’s false and misleading Registration Statement and Prospectus issued in connection with the
Company’s initial public offering completed on or about November 18, 2014 (the “IPO” or the “Offering”); and/or (2) on the open
market between November 14, 2014 and June 12, 2017, both dates inclusive, seeking to recover compensable damages caused by
Defendants’ violations of the Securities Act of 1933 (“Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange
Act”).
If you are a shareholder who purchased Sky Solar securities you have until August 15, 2017 to ask the Court to
appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Sky Solar Holdings, Ltd., an independent power producer, develops, owns, and operates solar parks worldwide. The
Company develops projects and generates and sells electricity in the downstream solar market. The Company also sells solar energy
systems, including pipeline and related engineering, construction, and procurement services, and is involved in building and
transferring solar parks. In addition, Sky Solar provides operating and maintenance services for solar parks; and sells solar
modules.
On or about November 18, 2014, Sky Solar completed its IPO, issuing 6,353,750 ADSs and raising net proceeds of
approximately $46.1 million.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading
statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or
misleading statements and/or failed to disclose that: (i) Sky Solar’s Code of Business Conduct and Ethics, and the code’s
enforcement by the Company’s Board of Directors, were inadequate to detect and/or deter misconduct by Sky Solar’s officers and
directors; (ii) consequently, Sky Solar’s founder Weili Su (“Su”) was involved in undisclosed misconduct during his tenure at the
Company; and (iii) as a result of the foregoing, Sky Solar’s public statements were materially false and misleading at all relevant
times.
On June 6, 2017, shortly before the markets closed, Sky Solar announced that Su would “no longer serve as the
Company’s Chief Executive Officer, or as director, officer, manager, legal representative or in any other management position of
the Company’s subsidiaries or any other consolidated entities.”
On this news, the Company’s ADS price fell $0.02, or 1.06%, to close at $1.87 on June 7, 2017, the following
trading day.
On June 13, 2017, Sky Solar revealed that the Company’s Management Committee plans to recommend that the board
of directors form a committee to investigate Su’s conduct during his tenure as Sky Solar’s CEO.
Following this news, Sky’s ADSs temporarily ceased trading. When trading resumed, on June 15, 2017, Sky’s
ADS price fell $0.19, or 10.35%, to close at $1.66 on June 15, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz,
known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80
years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
