Recent Securities Litigations
Sky Solar Holdings, Ltd. (NASDAQ: SKYS)
According to the Complaint, Sky Solar Holdings, Ltd. is a China-based company incorporated in the Cayman Islands that owns various subsidiaries that operate in the renewable energy business.
This is a securities class action brought on behalf of current holders of Sky Solar’s American Depository Shares, which currently trade on the NASDAQ. This suit is brought against Sky Solar regarding allegedly deficient disclosures in its combined Tender Offer Statement on Schedule TO and Transaction Statement on Schedule 13E-3 (together the “Merger Documents”), filed July 6, 2020.
The Complaint alleges that investors are being asked to tender shares (the “Tender Offer”),to a group that includes affiliates of Sky Solar (the “Offeror Group”) based on materially misleading and incomplete disclosures. If the Offeror Group succeeds in obtaining 90% ownership of Sky Solar through the Tender Offer, the Offeror Group will then conduct a short-form merger to acquire any remaining shares of Sky Solar (the “Merger”).