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JA Solar Holdings Co Ltd JASO Securities Stock Fraud

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Company: JA Solar Holdings Co Ltd
Ticker Symbol: JASO
Class Period: Aug-12-08 to Nov-12-08
Date Filed: Dec-3-08
Lead Plaintiff Deadline: Feb-1-09
Court: Southern District of New York
Allegations:
A class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depository Shares of JA Solar Holdings Co., Ltd, during the period between August 12, 2008 and November 12, 2008 (the "Class Period").

The complaint charges JA Solar and certain of its officers and directors with violations of the Securities Exchange Act of 1934. JA Solar describes itself as a leading China-based manufacturer of high-performance solar cells. JA Solar is principally involved in the development, manufacture and sale of high quality solar photovoltaic products to global markets.

The complaint alleges that, during the Class Period, defendants made materially false and misleading statements about the Company's financial condition and operating results. Specifically, defendants failed to disclose that JA Solar purchased from a subsidiary of Lehman Brothers Inc. ("Lehman Brothers") a three month, $100 million note (the "Lehman note") on or about July 9, 2008. At the time of this purchase, Lehman Brothers, which guaranteed the Lehman note, was under severe financial distress.

According to the complaint, defendants failed to disclose: (i) that JA Solar had made a material, highly speculative investment in a subsidiary of Lehman Brothers, an entity that was then undergoing a credit crisis and under significant financial distress; (ii) that the value of JA Solar's investment in the Lehman note had diminished considerably; and (iii) that, as a result of the foregoing, defendants' positive statements concerning JA Solar's financial performance, outlook and earnings guidance were materially false and misleading and without reasonable basis.

Ultimately, at the end of the Class Period, JA Solar wrote off its $100 million investment in the Lehman note. After JA Solar fully disclosed and recorded an impairment in the value of its investment in the Lehman note, on November 12, 2008, JA Solar's stock closed at $2.38 per share, a price that represented a decline of more than 87% from the high during the three month Class Period.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

JA Solar Holdings Co Ltd JASO Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible JA Solar Holdings Co Ltd securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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