NEW YORK, Feb. 16, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against ReneSola Ltd. (NYSE:SOL), TaskUs, Inc. (NASDAQ:TASK), Tecnoglass, Inc. (NASDAQ:TGLS), and WeWork, Inc. (NYSE:WE). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
ReneSola Ltd. (NYSE:SOL)
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 …
