Solyndra files lawsuit against Chinese solar companies

Solyndra LLC, the solar- panel maker that received a $535 million U.S. government loan guarantee and later filed for bankruptcy, has accused Chinese solar companies of destroying it by running an illegal cartel, according to Bloomberg.

Solyndra is seeking compensation “for the loss of the $1.5 billion value of its business and more which defendants destroyed,” lawyers for the company were quoted as saying in a complaint filed Oct. 11 in federal court in San Francisco.

According to the complaint, Suntech, Trina Solar Ltd. and Yingli Green Energy Holding Co. raised money from American investors by selling depositary shares to deflate the businesses of American competitors such as Solyndra, the article said. On Oct. 10, the U.S. Department of Commerce determined that Chinese producers and exporters have sold solar cells in the U.S. at dumping margins ranging from 18.32 percent to 249.96 percent.

An energy trade association, China’s energy administration, Chinese banks and Chinese polysilicon manufacturers are listed as co-conspirators in the lawsuit, according to the article.

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