Oct 12 Bankrupt solar firm Solyndra has filed a
lawsuit against three U.S.-listed Chinese solar players,
including Suntech Power Holdings Co, seeking $1.5
billion in compensation due to monopolization by these firms,
according to court documents filed on Thursday.
The lawsuit was filed against Suntech, Trina Solar Ltd
and Yingli Green Energy Holding Co claiming that
the trio's panel prices moved in tandem - falling 75 percent in
four years in the U.S.
Solyndra, which claims in the lawsuit that the trio were
involved in predatory pricing and price fixing, filed for
bankruptcy a year ago as it could no longer compete with
plunging prices of solar panels imported from China.
U.S. solar companies launched a complaint last year alleging
protectionism from Beijing for Chinese panel makers, sparking
trade disputes between the two countries.
As a result of the ongoing tryst, the U.S. slapped steep
final duties on billions of dollars of solar energy products
from China earlier this week.
Defendants - Suntech, Trina and Yingli - came to the U.S.
and raised money from the stock market and deployed that capital
to "destroy" American solar manufacturers, said Solyndra in the
suit filed in a Northern California district court.
The three Chinese companies named as defendants were not
available for comment outside of business hours.
Solyndra has sold everything from its remaining inventory
and assembly equipment to office computers in a bid to raise
money to repay creditors.
The Obama administration came under fire for missing signs
of financial trouble at the California-based Solyndra and
approving nearly $535 million in loans in a bid to spark a clean
energy industry and create jobs through stimulus spending.
Last year, executives from bankrupt Solyndra LLC testified
that a flood of cheap Chinese solar panels kept it from
realizing $1.2 billion in contracts it announced in 2008.
The lawsuit is Solyndra, LLC v. Suntech Power Holdings Co
Ltd et al, U.S. District Court, Northern District of California,