China Sunergy Reaches $1M Deal In IPO Fraud Action

Law360, New York (October 16, 2009, 6:53 PM EDT) -- China Sunergy Co. Ltd. — along with its executives and underwriters including Morgan Stanley & Co. Inc. and Merrill Lynch Pierce Fenner & Smith Inc. — has agreed to a $1 million settlement in a consolidated class action alleging the solar power company made misleading statements in connection with an initial public offering.

Counsel for the lead plaintiffs — including the Tonyaz Group and several individuals — filed a motion seeking preliminary approval of the settlement Friday in the U.S. District Court for the Southern District...
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