JA Solar Wins Dismissal of Securities Action

Skadden secured the complete dismissal of a putative securities fraud class action filed in the U.S. District Court for the Southern District of New York against JA Solar Holdings Co. Ltd. and certain of its directors and officers. The case arose out of the company’s 2017 going-private transaction, which resulted in its American depositary shares being delisted from the Nasdaq, and the private company’s subsequent relisting on the Shenzhen Stock Exchange. The plaintiffs asserted claims under Sections 10(b), 20(a) and 20A of the Exchange Act, alleging the defendants made false or misleading statements that artificially depressed the going-private price. On November 30, 2020, Judge Andrew L. Carter Jr. dismissed the case in its entirety, holding, among other things, that the plaintiffs failed to allege there was a concrete relisting plan in place at the time of the going-private transaction that defendants failed to disclose.