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China Sunergy Hit With Class Action Over IPO

Law360 (September 11, 2007, 12:00 AM EDT) -- Solar power provider China Sunergy Co. Ltd faces a putative shareholder class action by U.S. investors who claim they were fooled into buying shares by rosy, and misleading, company statements.

The lawsuit, filed Friday in the U.S. District Court for the Southern District of New York by Kahn Gauthier Swick LLC, claims the company mislead investors about its ability to acquire material essential to its production of solar panels.

The company did not adjust its statements until weeks after its initial public offering raised $100 million...
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