Stock Update (NYSE:YGE): Yingli Green Energy Holding Co Ltd (ADR) Reaches Settlement with Solyndra on Antitrust Litigation
Yingli Green Energy Holding Co Ltd (ADR) (NYSE:YGE), one of the world’s leading solar panel manufacturers, today announced that together with its U.S. subsidiary, Yingli Green Energy Americas, it has reached an agreement with the Solyndra Residual Trust (“Solyndra”) to settle a previously disclosed anti-trust and unfair trade practice lawsuit filed in the U.S. District Court of the Northern District of California.
According to the agreement, Yingli will make an immediate payment of $7.5 million USD to Solyndra, and the lawsuit against Yingli will be dismissed with prejudice. Solyndra will also release Yingli and all of its affiliates from any similar claims or allegations in the future. If Yingli or any of its affiliates’ total solar panel sales to the U.S. and Canada equals or exceeds 800 megawatts (MW) in a single calendar year between 2016 and 2018, the Company will make an additional one-time payment of $10 million USD to Solyndra.
“While we continue to reject Solyndra’s claims as baseless, our team is satisfied with the settlement’s terms and we are pleased to conclude litigation,” commented Mr. Liansheng Miao, Chairman and CEO of Yingli. “Looking forward, we will remain focused on our mission to bring Yingli’s high-performing PV technology to communities across the Americas that are eager to adopt affordable clean energy.” (Original Source)
Shares of Yingli Green Energy Holding closed last Friday at $4.60, up $0.03 or 0.66%. YGE has a 1-year high of $21.30 and a 1-year low of $2.93. The stock’s 50-day moving average is $4.56 and its 200-day moving average is $5.28.
Yingli Green Energy Holding Co. Ltd. manufactures photovoltaic module. The company manufactures photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. It markets its products under the brand Yingli Solar. The company was founded in August 1998 and is headquartered in Baoding, China.