In a move that mirrored the Facebook stock price drop, shares of LDK Solar Co. (NYSE:LDK) fell during morning trading on Thursday, as the company suffered from news that the U.S. Department of Commerce (DOC) would possibly hit Chinese companies with dumping tariffs in the solar market.
According to a company release, the decision by the DOC would allow it to assess Chinese producers/exporters with dumping margins ranging from 31.14 percent to 249.96 percent.
"LDK Solar has been a leader in the highly-competitive global solar industry since the company's founding in 2005, and this decision will not change our strategy in developing markets worldwide. LDK Solar reaffirms its commitment to be one of the industry's top tier companies in the US and global markets now and in the future by creating consistent value for our customers," Xiaofeng Peng, chairman and CEO of LDK Solar, said in response to the news.
Bloomberg News reported that despite the anti-dumping measures from the DOC, the Chinese company will continue to sell its products in the U.S.
LDK Solar shares dropped $0.22 to $2.83, a decrease of 7.2 percent per share.