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suntech power holdings-adr (STPX) Details

Suntech Power Holdings Co., Ltd., a solar energy company, engages in the design, development, manufacture, and marketing of photovoltaic (PV) products. It offers monocrystalline and multicrystalline silicon PV cells; PV modules ranging from 20 to 300 watts in power; silicon ingots/polysilicon wafers; and building-integrated photovoltaic products. The company also provides PV system integration services, including the design, installation, commissioning, and testing of PV systems; and project development services. Its products are used to provide electric power for residential, commercial, industrial, and public utility applications primarily in Germany, Italy, Spain, France, Benelux, Greece, the United States, Canada, China, the Middle East, Australia, and Japan. The company sells its products through value—added resellers, such as distributors and system integrators; and to end users, such as project developers. Suntech Power Holdings Co., Ltd. was founded in 2001 and is headquartered in Wuxi, the People’s Republic of China.

17,693 Employees
Last Reported Date: 04/27/12
Founded in 2006

suntech power holdings-adr (STPX) Top Compensated Officers

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Executives, Board Directors

suntech power holdings-adr (STPX) Key Developments

Suntech Power Holdings Provides Update with Respect to NYSE Appeal

Suntech Power Holdings Co., Ltd. announced that the NYSE's Committee for Review has upheld a decision previously made by NYSE Regulation, Inc. to commence delisting proceedings of the Company's American Depositary Shares. The Company expects a Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) will be filed shortly with the U.S. Securities and Exchange Commission to delist the Company's American Depositary Shares. As previously announced, trading of the Company's American Depositary Shares has been suspended by the NYSE since November 11, 2013. Quotations of the Company's American Depositary Shares have been, and the Company expects will continue to be, available on the OTC market under the symbol "STPFQ".

Suntech Power Holdings Co. Ltd. Appoints Michael Pearson to Board of Directors

Suntech Power Holdings Co. Ltd. announced that it has added a fifth member to its Board of Directors, Mr. Michael Pearson. Mr. Pearson will join Messrs. Michael Nacson, Kurt Metzger, Dr. Zhengrong Shi and Deyong He on Suntech's Board. Mr. Pearson is the co-founder of Fund Fiduciary Partners Limited, a Cayman Islands based company. From 2008 to 2012 Mr. Pearson was a Director at a Big Four accounting firm in the Cayman Islands where he led the investment fund restructuring practice and personally ran a large number of funds experiencing difficulties towards the end of their lives.

The U.S. District Court for the Northern District of California Dismisses a Securities Fraud Class Action brought by a Shareholder Against Suntech Power Holdings Co. Ltd

The U.S. District Court for the Northern District of California dismissed a securities fraud class action brought by a shareholder against a solar energy company alleging misstatements concerning the extent of the firm's liabilities. A shareholder in Suntech Power Holdings Co. Ltd. sued the firm and certain of its officers, alleging securities fraud arising from misstatements concerning German government bonds pledged by a third party as part of a loan guarantee extended by Suntech. The bonds did not exist, and the complaint alleged the defendants were at the least reckless in not confirming their existence. The plaintiff alleged that as a result, the defendants made material misrepresentations about the extent of Suntech's liabilities during the class period, which artificially inflated the firm's stock price. When corrective disclosures were made to the public, the firm's stock price dropped, to the plaintiff's material detriment. The defendants moved to dismiss (11 S.Cl.Act.Rep. 6, Jan. 15, 2013). The district court found the plaintiff's allegation that the firm undervalued the loan guarantee according to Generally Accepted Accounting Principles (GAAP) rested solely on the later-discovered fraud concerning the existence of the bonds. The plaintiff made no allegation that the valuation was otherwise false based on the information available to the company at the time, nor did the plaintiff allege any accounting irregularities contributed to the firm's losses. Allegation of GAAP noncompliance alone insufficient to support claim. The court held that under applicable precedent, allegations of a failure to comply with GAAP, without more, were not actionable under the heightened pleading standards of the Private Securities Litigation Reform Act of 1995. The court further concluded the complaint offered no specific allegations as to the inadequacy of the firm's due diligence other than the fact of the later-discovered fraud. The court separately held the complaint failed to adequately allege scienter. The complaint offered no more than a hindsight assertion that the defendants lacked a reasonable basis to believe the ostensible holder of the German bonds lacked the ability to procure the bonds. The nonspecific allegation that Suntech's chief financial officer, through his position, had access to material nonpublic information about the true value and nature of the loan guarantee was not sufficient to show fraudulent intent. After finding no merit to the plaintiff's remaining arguments, the district court granted the defendants' motion to dismiss in its entirety.


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