Key Developments: Suntech Power Holdings Co Ltd (STP)
0.99USD
24 May 2013
$-0.01 (-1.49%)
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6,694,549
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Latest Key Developments (Source: Significant Developments)
Suntech Power Holdings Co Ltd May Sell Assets, Seek Strategic Investor-Reuters
Reuters reported that Suntech Power Holdings Co Ltd is seeking to sell some assets and bring in a strategic investor to repay debt and revitalise the company. Full Article
Suntech Power Holdings Co Ltd Announces Appointment Of President
Suntech Power Holdings Co Ltd announced that it has appointed two new Directors to the Company's Board of Directors effective immediately. Mr. Philip Fan has been appointed as an independent Director and Mr. Weiping Zhou has been appointed as an executive Director of the Board and President of Suntech. Full Article
Suntech Power Holdings Co Ltd to Close Arizona Factory
Suntech Power Holdings Co Ltd announced that it will stop production at its Goodyear, Arizona, solar panel manufacturing facility on April 3, 2013, with forty-three employees affected. Full Article
Suntech Power Holdings Co Ltd Announces Appointment Of Susan Wang As Chairwoman
Suntech Power Holdings Co Ltd announced that Ms. Susan Wang has been appointed Chairwoman of the Board of Directors, effective immediately. A director of Suntech since April, 2009, Ms. Wang replaces Dr. Zhengrong Shi, who will remain a Director of Suntech. Full Article
Suntech Power Holdings Co Ltd Secures Contract
Suntech Power Holdings Co Ltd and SunSystem S.p.A., announced that they have signed a contract for Suntech to supply 25 megawatts (MW) of polycrystalline solar panels. The Suntech solar panels will power two new photovoltaic projects under construction in Romania that will be grid connected by the end of 2013. The two power plants will utilize Suntech's 60-cell polycrystalline modules, STP 245-20/Wd, with a improved frame design and more than 15% efficiency, ideally suited for large-scale commercial projects and rooftop installations. The power plants will use Aros Sirio K500 HV-MT inverters made by Italian manufacturer Aros Technology Srl. The installed Suntech solar panels will generate an estimated 30,000 MW-hours of electricity per year. Full Article
Suntech Power Holdings Co Ltd To Reduce Production And Workforce At Arizona Factory
Suntech Power Holdings Co Ltd announced that it will stop two of three production shifts and reduce its workforce at its Goodyear, Arizona, solar panel manufacturing facility. The slowdown in production is due to global oversupply and higher production costs related to recent import tariffs imposed by the U.S. government. The Goodyear facility's annual production throughput will decrease from about 45MW to 15MW, and roughly fifty positions will be eliminated. The decision is in line with Suntech's global restructuring efforts to right-size production capacity and reduce operating expenses by 20% in 2012 and 2013. Full Article
Solyndra Seeks $1.5 Billion In Damages From Suntech Power Holdings Co Ltd, Trina Solar Ltd, Yingli Green Energy Holding Co Ltd-Reuters
Reuters reported that solar firm Solyndra has filed a lawsuit against three U.S. listed Chinese solar players, including Suntech Power Holdings Co Ltd, seeking $1.5 billion in compensation due to monopolization by these firms, according to court documents filed on October 15, 2012. The lawsuit was filed against Suntech, Trina Solar Ltd and Yingli Green Energy Holding Co Ltd claiming that the trio's panel prices moved in tandem. 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. The lawsuit is Solyndra, LLC v. Suntech Power Holdings Co Ltd et al, U.S. District Court, Northern District of California, No. 12-05272. Full Article
Suntech Power Holdings Co Ltd Announces 39 MW Sales Agreement
Suntech Power Holdings Co Ltd announced that it has signed a contract for to supply 39 megawatts (MW) of polycrystalline solar panels. The Suntech solar panels will power four new photovoltaic projects under construction in Romania that will be connected between late 2012 and early 2013. Full Article
Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Suntech Power Holdings Co Ltd
Law Offices of Todd M. Garber announced that shareholders of Suntech Power Holdings Co Ltd have until October 1, 2012 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Northern District of California. The lawsuit was filed on behalf of a class (the Class) comprising all purchasers of Suntech American Depositary Shares between August 18, 2010 and July 30, 2012, inclusive (the Class Period). On July 30, 2012 the Company disclosed its investigation into a security interest Suntech purportedly received from GSF Capital Pte Ltd., the parent of the general partner of Global Solar Fund, S.C.A., Sicar (GSF) – an investment fund created to make investments in private companies that own or develop projects in the solar energy sector that had 80% of its share equity owned by Suntech. 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 EURO 560.0 million of German government bonds purportedly pledged to the Company in May 2010 may not have ever existed. Suntech further disclosed that it had filed legal claims against relevant parties in multiple jurisdictions to assert control of GSF and its assets. Full Article
Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in Class Action Lawsuit Against Suntech Power Holdings Co Ltd
Law Offices of Howard G. Smith announced that all purchasers of the securities of Suntech Power Holdings Co Ltd, between August 18, 2010 and July 30, 2012, inclusive (the Class Period), have until October 1, 2012 to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Northern District of California. The Complaint charges Suntech and certain of the Company’s executive officers with violations of federal securities laws. Suntech, a solar energy company, engages in the design, development, manufacture and marketing of photovoltaic products. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Suntech’s business, operations and prospects. Specifically, the Complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose: (1) 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; (2) that the Company lacked internal and financial controls; and (3) that, as a result, the Company’s financial statements were materially false and misleading at all relevant times. Full Article
Suntech's local creditors claim $2.5 billion as restructuring starts
WUXI, China/HONG KONG - Local creditors of Wuxi Suntech, the bankrupt unit of Chinese solar panel maker Suntech Power Holdings Co Ltd, on Wednesday claimed the subsidiary owed them a combined $2.5 billion, at the start of a debt restructuring process expected to last months.
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