LDK Solar Reaches $16M Deal In Securities Action

Law360, New York (February 11, 2010, 5:25 PM EST) -- LDK Solar Co. Ltd. has struck a $16 million deal to settle a consolidated securities class action accusing the solar wafer maker and several executives of making the company appear stronger than it was by overstating its polysilicon inventory and understating production costs.

A stipulation of settlement was filed in the case Tuesday in the U.S. District Court for the Northern District of California.

While the plaintiffs are convinced the defendants violated federal securities laws, and the defendants deny the plaintiffs' allegations, the parties concluded that...
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