NEW YORK–(BUSINESS WIRE)–Labaton Sucharow LLP (“Labaton Sucharow”) announces that on July 17, 2020, it filed a securities class action lawsuit, captioned Quadre Investments L.P. v. Sky Solar Holdings, Ltd., No. 1:20-cv-05551 (S.D.N.Y.) (the “Action”), on behalf of its client Quadre Investments L.P. (“Quadre”) against Sky Solar Holdings, Ltd. (“Sky”) (NASDAQ: SKYS) and certain of its potential acquirers. The Action asserts claims under Sections 13(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) and SEC Rule 13e-3 promulgated thereunder, on behalf of a class (the “Class”) of all holders of publicly traded Sky ADS as of the time the Action was filed (the “Class Period”).
Sky is a Cayman Islands corporation involved in the solar energy industry. The Action relates to the proposed acquisition of Sky by a group (the “Offeror Group”) that includes affiliates of SKY (the “Merger”). The acquisition would involve a first step tender offer and a short-form merger.
The Action alleges that the documents issued in support of the Merger on July 6, 2020, were inadequate in two primary ways. First, it alleges that the documents failed to meet the disclosure obligations under Rule 13e-3 regarding certain information about the fairness of the transaction and valuations performed by the Offeror Group. Second, it alleges that the documents failed to meet the disclosure obligations under Rule 13e-3 regarding certain information about the availability of appraisal rights or other shareholder rights. Specifically, the disclosures stated that there would be no appraisal rights because a short-form merger under Cayman law does not require a shareholder vote. The Action alleges that shareholders have appraisal rights and have means of exercising those rights.
Anyone interested in pursuing appraisal should consult with their own counsel regarding the issue.
On July 24, 2020, additional documents in support of the Merger were filed by the Offer Group. Those documents (1) attached a copy of the complaint filed in the Action, (2) provided additional disclosures, which clarified issues regarding the valuation performed by or for the Offeror Group, and (3) summarized Quadre’s position regarding the existence of appraisal rights. The additional documents also correctly stated that Quadre believes that the Action has “been rendered moot” by the additional documents.
If you are a member of the Class you may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the U.S. District Court for the Southern District of New York no later than October 5, 2020. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.
If you would like to consider serving as Lead Plaintiff or have any questions about this lawsuit, you may contact Jake Bissell-Linsk, Esq. of Labaton Sucharow, at 212-907-0731, or via email at email@example.com.
Quadre is represented by Labaton Sucharow, which represents many of the largest pension funds in the United States and internationally with combined assets under management of more than $2 trillion. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at www.labaton.com.
Jake Bissell-Linsk, 212-907-0731