SOURCE: Izard Nobel LLP

August 09, 2012 17:04 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Suntech Power Holdings Co., Ltd.

WEST HARTFORD, CT--(Marketwire - Aug 9, 2012) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the American Depositary Shares of Suntech Power Holdings Co., Ltd. ("Suntech" or the "Company") (NYSE: STP) between August 18, 2010 and July 30, 2012 (the "Class Period").

The Complaint alleges that Suntech and certain of its officers and directors violated the federal securities laws. Specifically, the Complaint alleges that the defendants failed to disclose: (i) that Suntech had not been pledged EURO 560.0 million in German government bonds from GSF Capital Pte Ltd., in connection with its May 2010 financing arrangement with the China Development Bank; (ii) that Suntech lacked internal and financial controls; and (iii) the Company's financial statements were materially false at all relevant times.

On July 30, 2012, Suntech disclosed that it was conducting an investigation into the security interest that it purportedly received in May 2010 from GSF Capital Pte Ltd. According to Suntech, outside counsel that had been hired as part of Suntech's initiative to monetize its investment in GSF had noted certain facts and circumstances suggesting that the German government bonds of EURO 560.0 million purportedly pledged to the Company may not have ever existed. On this news, shares of Suntech fell over 14%, closing at $1.34 per share.

If you are a member of the class, you may, no later than October 1, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/suntech/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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