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NEW YORK, December 07, 2021--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against ReneSola Ltd. ("ReneSola" or the "Company") (NYSE: SOL) on behalf of ReneSola stockholders. Our investigation concerns whether ReneSola has violated the federal securities laws and/or engaged in other unlawful business practices.
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The investigation focuses on ReneSola’s statements about its purported development, construction, operation, and sales of solar power projects in Europe. More specifically, ReneSola has repeatedly touted its increasing number of late-stage projects throughout Europe, which would soon be ready to sell project rights at "notice to proceed", or "NTP."
But, on December 2, 2021, analyst Grizzly Research published a scathing report entitled "We believe ReneSola is a Fraudulent Company; Most Projects Never Existed." According to the report: (1) "[o]ur on the ground due diligence, filings review, and communications with local municipalities in Europe indicate SOL has been vastly misrepresenting its project development pipeline;" (2) "[m]ost of SOL's projects are in Europe, but our research indicates that most of these projects seemingly do not exist;" (3) "SOL might have fabricated projects to give the appearance of a better development pipeline and future economics;" and, (4) "[w]orse yet, SOL continuously categorizes projects as ‘late-stage’, and close to finalization, that our research shows to be either non-existent or delayed for years."
On this news, ReneSola’s stock price fell $0.50 per share, or 7.62%, to close at $6.06 per share on December 2, 2021.
If you purchased or otherwise acquired ReneSola shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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