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Trina Solar Says Energy Conversion Suit is Baseless

Trina Solar Says Energy Conversion Suit is Baseless
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Παρ, 11 Οκτωβρίου 2013 - 18:36
Trina Solar Ltd. (TSL) said a lawsuit recently filed by failed solar-panel manufacturer Energy Conversion Devices over an alleged scheme to dump low-cost solar panels in the U.S. is "without merit" and the company will defend itself against the complaint's "baseless" allegations.
Trina Solar Ltd. (TSL) said a lawsuit recently filed by failed solar-panel manufacturer Energy Conversion Devices over an alleged scheme to dump low-cost solar panels in the U.S. is "without merit" and the company will defend itself against the complaint's "baseless" allegations.

The Chinese solar-products maker said Friday it isn't in a position to evaluate the potential impact of the lawsuit on its business at this time.

A bankruptcy trustee for Energy Conversion is suing Trina and two other Chinese companies for $950 million over allegations of price fixing and the dumping of cheap solar panels that drove the U.S. company out of business. The lawsuit was filed in the U.S. District Court for the Eastern District of Michigan.

John Madden, who heads a trust created to recover money for Energy Conversion's creditors, said the three companies--Trina, Yingli Green Energy Holding Co. (YGE) and Suntech Power Holdings Co. (STP)--engaged in a far-ranging scheme to flood the market with low-cost solar panels in an illegal bid to take over the U.S. market. Mr. Madden said the three Chinese companies imported solar panels at "dramatically reduced prices" in a sustained effort to "destroy and injure competitors, and over time, all competition."

The U.S. moved last year to impose tariffs on Chinese-made solar cells, after the Commerce Department determined that Chinese manufacturers had dumped their goods in the U.S. In July, China imposed antidumping tariffs on U.S. and South Korean raw-material producers.

The U.S. actions, however, came too late for Energy Conversion and nearly a dozen other American solar manufacturers--including Solyndra LLC, Abound Solar and Evergreen Solar Inc.--which have sought bankruptcy protection in recent years.

Trina's American depositary shares closed at $16.04 and were inactive premarket.

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