LDK Solar just announced that it has settled a class action lawsuit that had been brought against the company in the U.S. District Court of Northern California. The settlement is not yet final but has received preliminary approval from the court.
In the settlement, LDK is not admitting wrongdoing, but the company and its insurance carrier will compensate the class members to the tune of $16 million.
In a press release, Xiaofeng Peng, Chairman … Read the rest
Barcays is out with a few solar downgrades this morning..
Suntech Power (STP) gets downgraded from Overweight to Equalweight with a new price target of $12 from $16
Yingli Green Energy (YGE) downgraded from Overweight to Equalweight and price target slashed to $11 from $19
LDK Solar (LDK) downgraded from Equalweight to Underweight and price target halved to $4 from $8
Evergreen Solar (ESLR) downgraded from Equalweight to Underweight with the price target now under … Read the rest
LDK Solar just announced that they have signed a supply contract with Oneworld Energy’s subsidiary COU Solar. Per the contract, LDK will deliver around 30 MW of solar modules to COU this year.
In a press release, Xiaofeng Peng, Chairman and CEO of LDK Solar, stated that “We are very excited to expand our relationship with COU/Oneworld. This relationship will allow LDK Solar to take advantage of the wealth of solar opportunities that COU/Oneworld … Read the rest
LDK Solar (LDK) needs quite a bit of cash in a hurry to stay alive and the CEO stated in an SEC filing, “If we do not successfully execute our liquidity plan, we face the risk of not being able to continue as a going concern.” The company has sold a $50 – $80 stake in its polysilicon business through convertible preference shares to VMS Investment Group and will raise another $150 million through a … Read the rest
LDK Solar (LDK) has landed a 20MW solar plant deal with Uni Land of Italy. LDK will develop the plants in 2010 and 2011 and engineer, procure and construct the plants as well as supply the solar modules. Uni Land will finance the operation. It’s also being announced that Uni Land has purchased a 1MW plant from LDK for $7.3 million.
Said LDK CEO Xiofeng Peng, “We are continually expanding LDK Solar’s presence in the … Read the rest
LDK Solar (LDK) is announcing this morning that they have signed a contract with Efinity of Belgium to supply them with about 50MW to be delivered in 2010. The two companies have worked together in the past and are expanding their relationship.
Shares are up about 2% in premarket trading.… Read the rest
JLM Pacific posted today that LDK Solar (LDK) is planning to spin off its polysilicon solar biz in an IPO on the Hong Kong exchange as reported at www.163.com. Shares are trading flat today, but if that rumor is substantiated, it could give shares a bigger boost in the future. What a difference a few weeks makes! On Nov 1st LDK was trading under $5.50/share following the Q-Cells squabble. It’s nearly doubled off that … Read the rest
Shares of LDK Solar (LDK) are rallying about 7% on news it has ended the solar supply disagreement with Q-Cells as the two companies settled out of court and will continue their relationship.
The original supply contract has been amended to be more flexible in supply and pricing. While the total 10 yr supply won’t change, LDK Solar will ship out fewer modules over the next two years to match current market conditions.
These kinds … Read the rest
LDK Solar (LDK) surprised the St this morning by reporting a profit on a GAAP basis. I don’t see a non GAAP number in the report and wasn’t seeing an indication at first glance of any large one time gains, but will update this report if that’s the case. So on a GAAP basis which includes one time gains and losses, the company reported Q3 earnings of $0.27/share which smashed analyst estimates of a .10/loss. … Read the rest
LDK Solar announced yesterday that it has sold a 15% ownership stake in its Xinyu City, China plant for $219 million. The stake was purchased by Jiangxi International Trust and Investment Co., Ltd.
In a press release, Xiaofeng Peng, Chairman and CEO of LDK Solar, commented on the sale
“We are very pleased with the continued support of our business from local financial institutions, as evidenced by this recent development. Jiangxi International Trust and … Read the rest