JA Solar Reaches Preliminary Securities Settlement of $4.5m

new York, NY: JA Solar Holdings Co., Ltd, a manufacturer of solar cells and solar power products, has reached an agreement in principle to settle the securities class action lawsuits, Lee Ellenburg III, et al. v. JA Solar Holdings Co., Ltd. et al, pending in the US District Court for the Southern District of New York, initially filed on December 3, 2008, and later consolidated by order of the court dated April 17, 2009.

Under the terms of the proposed settlement, a sum of $4.5 million will be made available to shareholders who may qualify for a distribution under the settlement. As part of the settlement, the plaintiff has agreed to dismiss the action and drop all claims against JA Solar and the Individual Defendants.

The settlement, which is not final until the class receives notice of the settlement and the Court grants final approval of the settlement terms, is within the limits of the company's D&O policy.

The Court has issued preliminary approval of the settlement, and notices of settlement will be issued to eligible shareholders. Shareholders will be offered an opt-out period, and the Court has set June 24, 2011, as the hearing date for final approval of the settlement.

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Published on Mar-1-11