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Pomerantz Law Firm Announces the Filing of a Class Action against CenturyLink, Inc. and Certain Officers – CTL

NEW YORK, Jun 21, 2017 (GLOBE NEWSWIRE via COMTEX) —

Pomerantz LLP announces that a class action lawsuit has been filed against CenturyLink, Inc. (“CenturyLink” or the “Company”)

CTL, -1.05%

and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-04695, is on behalf of a class consisting of investors who purchased or otherwise acquired CenturyLink securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased CenturyLink securities between February 27, 2014 and June 15, 2017, both dates inclusive, you have until August 21, 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]

CenturyLink, Inc. provides various communications services to residential, business, wholesale, and governmental customers in the United States. It operates through two segments, Business and Consumer. The Company offers broadband, Ethernet, colocation, video entertainment and satellite digital television services.

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) CenturyLink’s policies allowed its employees to add services or lines to accounts without customer permission, resulting in millions of dollars in unauthorized charges to CenturyLink customers; (ii) accordingly, the Company’s revenues were the product of illicit conduct and unsustainable; (iii) the foregoing illicit conduct was likely to subject CenturyLink to heightened regulatory scrutiny; and (iv) as a result of the foregoing, CenturyLink’s public statements were materially false and misleading at all relevant times.

On June 16, 2017, Bloomberg published an article entitled “CenturyLink Is Accused of Running a Wells Fargo-Like Scheme”. The article reported on a lawsuit, recently filed in Arizona state superior court by former CenturyLink employee Heidi Heiser, alleging that Heiser “was fired for blowing the whistle on the telecommunications company’s high-pressure sales culture that left customers paying millions of dollars for accounts they didn’t request.” The Bloomberg article stated that Heiser “was fired days after notifying Chief Executive Officer Glen Post of the alleged scheme during a companywide question-and-answer session held on an internal message board.”

On this news, CenturyLink’s share price fell $1.23, or 4.56%, to close at $25.72 on June 16, 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 

Copyright (C) 2017 GlobeNewswire, Inc. All rights reserved.

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Sebi eases buyout norms for stressed firms; curbs P-Note use

Mumbai, Jun 21 () Joining efforts in tackling the over Rs 8-lakh crore bad loans crisis, markets regulator Sebi today relaxed its takeover norms for restructuring listed companies with stressed assets.

The relaxation, which would exempt investors from making a mandatory open offer subject to shareholders’ nod and some other conditions, was part of a slew of reform measures approved by Sebi’s board here today along with tightening of P-Note norms and easier entry rules for foreign investors.

Sebi’s decision on restructuring in stressed firms comes against the backdrop of the government and Reserve Bank of India stepping up efforts to tackle the menace of bad loans, amounting to more than Rs 8 lakh crore.

Sebi has eased the norms for restructuring stressed companies that are listed on exchanges as well as for resolution plans approved under the Insolvency and Bankruptcy Code.

These steps are aimed at facilitating “turnaround of listed companies in distress which will benefit their shareholders and lenders”, according to Sebi.

Currently, relaxations from preferential issue requirements and open offer obligations are available for lenders undertaking restructuring of distressed listed companies under the Strategic Debt Restructuring (SDR) scheme.

There have been representations made to Sebi that lenders who have acquired shares and propose to divest them to new investors faced difficulties as the latter have to make open offers. Such offers further reduce the funds available for investment in the company concerned.

In view of the concerns raised, Sebi has decided to extend the relaxations to the new investors acquiring shares in distressed companies pursuant to such restructuring schemes.

“Such relaxations shall be subject to certain conditions like approval by the shareholders of the companies by special resolution and lock-in of their shareholding for a minimum period of three years,” the regulator said in a release.

Special resolution requires approval of at least 75 per cent of a company’s shareholders.

The relaxations would also be applicable “for acquisitions pursuant to resolution plans approved by NCLT under the Insolvency and Bankruptcy Code, 2016”.

Under the Code, lenders or the companies seeking insolvency proceedings have to first approach the National Company Law Tribunal (NCLT).

Earlier this month, RBI identified 12 stressed accounts for resolution under the Code. These include listed companies.

“It is expected that soon many big stressed listed companies would undergo management changes as per these schemes and hence Sebi’s exemption would be a great relief to investors,” Manoj Kumar, Partner and Head (M&A and Transactions) at advisory firm Corporate Professionals said.

As part of continuing efforts to stymie flow of illicit funds into the market, Sebi has further tightened the norms for Participatory Notes (P-Notes) by deciding to levy a hefty fee of USD 1,000 on each instrument.

Further, entities have been barred from issuing P-Notes for speculative purposes.

After the board meeting, Sebi Chairman Ajay Tyagi said the regulator was not looking to completely ban these instruments as some new investors tend to use them to test the Indian markets.

The value of foreign investments through P-Notes or Offshore Derivative Instruments (ODIs) has already fallen to a four-month low of Rs 1.68 lakh crore at the end of April.

At one point of time, these investments used to account for more than half of overall foreign portfolio investments and now their share has fallen to just 6 per cent.

Now, a “regulatory fee” of USD 1,000 would be levied on each ODI subscriber, to be collected and deposited by the issuing FPI once every three years, starting from April 1, 2017.

Sebi has also decided to relax the entry norms for overseas investors by permitting a direct access to Foreign Portfolio Investors (FPIs) from eligible jurisdictions.

In this regard, a discussion paper on easing the registration process for FPIs would be floated.

Tyagi said the regulator has rationalised “fit and proper” criteria for FPIs as well as simplified broad based requirements for such investors.

Among others, the watchdog has decided to expand the eligible jurisdictions for grant of FPI registration to category-I FPIs by including countries having diplomatic tie- ups with India.

Besides, the Sebi board approved its annual report for 2016-17, which will be submitted to the government. AP SP RAM BJ ABM

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Howard Fensterman, Managing Partner of Abrams Fensterman, Announces Three New Hires to Support Firm’s Growth Across Health Care, Corporate and Securities Law Sectors

Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklyinc.com

SOURCE Abrams Fensterman

LAKE SUCCESS, N.Y., June 21, 2017 /PRNewswire/ — While many U.S. law firms have been shrinking their headcount to weather the economic challenges that some industry pundits predict will constrain the industry for many years, Abrams Fensterman, Fensterman, Eisman, Formato, Ferrara  & Wolf, LLP is adding to its professional bench with three new hires across the firm’s Health Care, Corporate and Securities practice areas, adding to the 8 hires the firm made over the last six months.

According to Howard Fensterman, Managing Partner of Abrams Fensterman, the firm is now benefiting from a client centric, efficiency-focused strategy that the management team put in place several years ago. “We listened intently to our clients’ needs, wants and desires and worked to structure the services we provide and the expertise we offer in the most efficient and cost effective manner possible,” Fensterman said. 

“We broke down the silos between practice areas, encouraged collaboration between our teams, built on our core areas of specialization and introduced new practice groups to address the complex and layered legal challenges clients are experiencing as a result of new laws, regulations and even the new technologies that are impacting businesses and individuals,” Fensterman added.

The three new hires are:

Partner

  • Paul Rubell, Chairman of the firm’s Corporate and Securities Law Practice Group, providing legal counsel, business advice, and strategic planning to established and emerging companies as well as to entrepreneurs and investors. He is also a national leader in the fields of technology and privacy law.

Associates

  •  Allison G. Godman joined the Corporate and Health Law Practice Groups with experience in mergers and acquisitions. She also represents individual physicians, dentists and healthcare group practices.
  • Sara Player joined the Health Law Practice Group with experience in strategic business development, negotiating partnerships and joint ventures.

Abrams Fensterman’s 85-plus attorneys serve clients throughout New York metropolitan area from offices in Lake Success, Long Island, Manhattan, Brooklyn and Rochester. The firm has a reputation for excellence in all aspects of health care law including advocacy on behalf of physicians, medical societies, hospitals and nursing homes as well as dentists, podiatrists and chiropractors.

The firm’s partners are also recognized for their work in the fields of regulatory law and mental health law, matrimonial and family law, commercial litigation, corporate representation (including securities law, mergers and acquisitions), elder law, personal injury litigation, estate planning administration and litigation, white-collar criminal defense and transportation law.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/howard-fensterman-managing-partner-of-abrams-fensterman-announces-three-new-hires-to-support-firms-growth-across-health-care-corporate-and-securities-law-sectors-300476924.html

©2017 PR Newswire. All Rights Reserved.

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Law firms to receive almost $600,000 for work on Bentley impeachment

Taxpayers will pay a total of almost $600,000 in legal fees to two private law firms on opposite sides of the impeachment investigation of former Gov. Robert Bentley.

Last year, the House Judiciary Committee hired Jack Sharman of the Birmingham firm Lightfoot, Franklin & White to conduct the impeachment investigation. The Alabama Legislature plans to pay the firm a total of $457,889.

Sharman said he and his firm interviewed more than 20 witnesses and reviewed thousands of pages of documents before releasing his report on April 7. It concluded that Bentley abused his power to try to hide evidence of an alleged affair with his former political adviser, Rebekah Mason.

Bentley resigned from office three days after the report was released. The Judiciary Committee had started impeachment hearings on the morning of Bentley’s resignation, which also came five days after the Ethics Commission found probable cause that Bentley violated the ethics law and campaign finance law.

The Legislature initially paid Sharman’s firm $33,915 under an emergency contract. The Judiciary Committee set a $350,000 cap on legal fees after that. But Sharman’s firm has billed for an additional $73,974 above the cap, House of Representatives spokesman Clay Redden said.

Redden said that request would be heard by the Alabama Board of Adjustment, a four-member board set up to hear certain claims against the state. 

Redden said the House would not contest the billing.

Ross Garber 

The governor’s office hired Connecticut attorney Ross Garber of the firm Shipman & Goodwin, for the impeachment investigation. The governor’s office has paid Garber’s firm $137,182, according to the state Finance Department.

The Decatur Daily reported on the legal fees.

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CDL – Social Engineering Fraud: What Law Firms (and Everyone) Should Know

by Canadian Defence Lawyers

June 22, 2017

Webinar

Social Engineering Fraud – the simple act of inducing a company’s employee to do or say something that they would not otherwise do or say – has had a devastating impact on many Canadian companies, and has sparked some heated disputes around the applicability of crime insurance to these types of frauds.  This presentation will address how fraudsters use Social Engineering Fraud to commit crimes against organizations, and how crime insurance may (or may not) respond.  The presenters will also offer some practical tips on how to avoid becoming a victim of this extremely effective fraud technique, with particular emphasis on how law firms are themselves targeted, and what steps firms can take to minimize the risk of loss.   This timely presentation is crucial for both insurance professionals and lawyers.

Presenters:

Chris McKibbin, Partner, Fidelity Practice Group, Blaney McMurtry LLP

Joshua Laycock, National Fidelity Product Manager, The Guarantee Company of North America

To register click HERE

Visit event’s website
http://www.cdlawyers.org/?page=15#a467

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Trump’s nominee for FBI director scrubbed Russia connection from his law firm bio

WASHINGTON - DECEMBER 15:  Deputy U.S. Attorney General James B. Comey (L) speaks with assistant attorney general Christopher Wray (R) during a news conference at the Justice Department December 15, 2004 in Washington DC. Comey announced that America Online Inc. has entered into an agreement with the government to defer prosecution charges of aiding and abetting securities fraud in connection with transactions between AOL and PurchasePro.com.  (Photo by Mark Wilson/Getty Images)

James Comey and Christopher Wray in 2004

Christopher Wray, Donald Trump’s nominee to replace James Comey at the FBI, used to include this information in his law firm bio.

Donald Trump’s nominee to be the director of the FBI, Christopher Wray, represented an American energy executive in 2006 who was being criminally investigated by the Russian government.

The information apparently disappeared well before Wray was tapped to become FBI director. According to his firm, the decision to change the page was made in January. The name of the American energy executive and the company involved were not included in the information, and Wray was acting against the Russian government in this instance. The oddest thing about the edit is that it seems to be the only information removed from the site. 

Removing the information only serves to point up one feature of the firm where Wray currently works.

King and Spalding has worked closely in the energy sector in Russia, according to the firm’s website. The firm represented companies in deals with the Russian state-owned oil company Rosneft and Gazprom.
 

That would be the same Rosneft with which Rex Tillerson made a $500 billion deal. The Rosneft that supposedly offered a huge payout to Carter Page.  Oh, and Page was also an advisor at Gazprom. Gazprom also has connections to the Ukrainian party that hired Paul Manafort. 

It’s not unusual for large law firms to cross paths with a lot of players. What’s odd is that when it comes to the Trump regime, all those paths seem to cross in the same place.

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Package holiday firms warn Brits who make fake sickness claims could be banned from hotels and even jailed

Britain’s biggest holiday companies and travel industry body ABTA have launched a campaign to fight crippling fake food poisoning claims.

Bosses from package firms including Thomas Cook, Tui, Jet2holidays, Monarch and Saga are calling on the Government to crackdown on the latest scam which is fleecing the Spanish hotel industry of more than £50 million a year.

The Stop Sickness Scams bid comes ahead of the great summer getaway to Spain, Portugal, Turkey and Greece.

Sunshine package giants Thomson, First Choice and Jet2holidays have already warned Brits they will be blacklisted if found guilty of bogus sickness claims.

Fake food poisoning claims have cost Spain’s hotel industry more than £50million

Yesterday Nick Longman, managing director of Tui – the parent company of Thomson and First Choice – said the flood of dodgy compensation claims from the UK had become ‘totally embarrassing’.

Mr Longman, who was the first to impose a ban on travel for fake tummy bug claimants, said: “A hotel will have customers from four or five markets of Tui and it will only be the British Tui customers who are complaining.”

Thomas Cook’s UK managing director, Chris Mottershead also warned that Britain’s compensation culture could sound the death knell for popular all-inclusive holidays which are at the heart of the bogus claims.

He said: “It’s a very serious situation because it has the effect of stopping all-inclusive holidays for the UK market.

“It has the potential of putting hoteliers out of business. They will stop British customers coming into their hotels.”

Both bosses have signed an open letter to Justice Secretary David Lidington calling for the Government to close a legal loophole that allows cowboy claims firms to charge sky-high fees for taking on holiday sickness claims.

Along with the heads of nine other leading tour operators, they are demanding a cap on fees which would stop rogue firms cashing in on bogus gastroenteritis claims dubbed the ‘new PPI’.

The firms warn that fake claims are fraud and they could be banned from hotels and even jailed

ABTA – the Association of British Travel Agents – is also urging Brits travelling to bogus holiday sickness hotspots like the Costas, Benidorm and Majorca to shop touts trawling beaches and resorts to drum up trade from gullible tourists.

Mark Tanzer, ABTA chief executive, said: “Holidaymakers need to know that whatever a claims firm might say, fake claims are fraud.

“Holidaymakers pursuing fake or exaggerated claims risk ending up in jail either in the UK or abroad.”

On its website the Foreign Office also warns British holidaymakers of legal action if they are found to have made false claims.

And the Spanish have vowed to crackdown on the fake claims culture with a zero tolerance policy that imposes a three-year jail sentence for those caught red handed.

Professor Jaime Campaner Munoz, the solicitor acting on behalf of the Federation of Majorcan Hotels, said: “We will be seeking convictions against anyone who is involved in these fraudulent claims.”

Spain has been the biggest target for out of control compensation chasers who have given Britain the ‘fake sick man of Europe’ tag.

The Costa del Sol, Costa Blanca, Costa Dorada and Benidorm have seen the highest number of scams as unscrupulous ‘no win – no fee’ firms cash in on the lucrative sickness claims industry.

As the law stands, holidaymakers just need a receipt for a tummy bug product to file a claim once they are back home.

In Benidorm hotel owners have asked chemists not to sell stomach upset cures to Brits unless they have a prescription amid fears receipts will be used for over-inflated illness claims.

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More scrutiny for listed firms in new CMA rules

A board meeting. Board members must declare possibility of conflict of interest in their dealings with a company under the new rules. [Courtesy]

You will soon be able to interrogate the management of a company before you invest in it.

This will be made possible by a move by the Capital Markets Authority (CMA) to implement radical rules to increase transparency among listed firms.

The regulator has published a template where a company will declare its true financial state in a bid for the regulator and would-be investors to detect early warning signs and reduce conflict of interest where it may arise.

Interrogate reports

The law, which became effective on March 4 this year, means that all companies listed on the Nairobi Securities Exchange (NSE), will feed details into the template and post them on their websites.

“As required by the code, the template once duly filled and signed will be uploaded on the issuer’s website within four months after the end of the issuer’s financial year. Investors and the general public are encouraged to interrogate the reports to inform their engagement with the companies they invest in,” said CMA in a public notice yesterday. The new rules, especially put the board of directors as the people responsible for transparent and effective stewardship of companies and prohibit them from holding such positions in more than three public listed companies at any one time.

ALSO READ:

Capital markets yet to receive notice of National Bank takeover plan

It also sets an age limit for holding board positions at 70 years and the tenure of an independent board member of a cumulative term of nine years.

Board members also have to declare possibility of conflict of interest and they must not have been employed by the company in an executive capacity within the last three years if they are to serve on the board. This comes even as Parliament also seeks to amend the companies Act to shine more light on directors and scrutinise their relatives who do businesses with them.

Under the Companies Amendment Bill (2017) sponsored by Majority Leader Aden Duale, directors of companies will have to declare extended relations, including their in-laws, brothers and sisters, grand children as well as the spouses of all the these relatives who conduct businesses with their firms.

The bill also seeks to have directors declare any transactions done by a director with the company, the amount notwithstanding.

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Sky Solar Holdings, Ltd. of Class Action Lawsuit and Upcoming Deadline – SKYS

NEW YORK, NY / ACCESSWIRE / June 20, 2017 / 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.

SOURCE: Pomerantz LLP

ReleaseID: 466332

NEW YORK, NY / ACCESSWIRE / June 20, 2017 / 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.

SOURCE: Pomerantz LLP

ReleaseID: 466332

Source URL: http://marketersmedia.com/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-sky-solar-holdings-ltd-of-class-action-lawsuit-and-upcoming-deadline-skys/209796

Source: AccessWire

Release ID: 209796

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