SHANGHAI, China, Feb 24, 2011 (GlobeNewswire via COMTEX) --
JA Solar Holdings Co., Ltd. (Nasdaq:JASO) ("JA Solar" or the "Company"), one of the world's largest manufacturers of high-performance solar cells and solar power products, today announced that it has reached an agreement in principle to settle the securities class action lawsuits, Lee R. Ellenburg III, et al. v. JA Solar Holdings Co., Ltd. et al, pending in the United States District Court for the Southern District of New York (the "Court"), 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 US$4.5 million (less any award of attorneys' fees and costs to counsel for the class that may be approved by the Court) 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.
The settlement agreement contains no admission of liability and the Company denies specifically all of the allegations in the consolidated complaint and any misconduct in connection with the issuance of its securities. However, the Company has determined that continued litigation will be both costly and distracting and, accordingly, has elected to settle the case.
Mr. Jian Xie, COO of JA Solar, commented: "We are pleased to have reached an agreement to settle this litigation, which we believe is in the best interests of the Company and its shareholders. We look forward to closing this chapter, and focusing on achieving our business goals for 2011."
About JA Solar Holdings Co., Ltd.
JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation. For more information, please visit http://www.jasolar.com.
The JA Solar Holdings Co., Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8631
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SOURCE: JA Solar Holdings Co., Ltd.
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