Case Page

 

Case Status:    DISMISSED    
On or around 03/29/2006 (Other)

Filing Date: January 05, 2005

According to the Order entered on March 29, 2006, the plaintiff having failed to effect service on the Defendants in the case commenced on January 5, 2005, within 120 days after filing the complaint, this action is dismissed, without prejudice pursuant to Rule 4(m) of the F.R.C.P.

The original complaint charges China Aviation and certain of its officers and directors with violations of the Securities Exchange Act of 1934. China Aviation trades in petroleum products, including jet fuel, gas oil, fuel oil, crude oil, plastics and oil derivatives.

More specifically, the complaint alleges that during the Class Period, defendants issued false and misleading statements regarding the Company’s business and prospects. As a result of the defendants’ false statements, China Aviation shares traded at inflated levels during the Class Period, whereby the Company’s top officers and directors assisted the Company’s parent company/controlling shareholder in the sale of $120 million worth of its own shares. The true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) that contrary to the Company’s prospectus, the Company did not have the necessary risk management controls in place for hedging and trading; (b) that contrary to the private placement offering documents, the funds raised were not to fund an acquisition of the controlling shareholders but rather to meet margin calls for massive derivative losses; and (c) that the Company’s financial statements were grossly overstated or the Company was hiding liabilities totaling in excess of $550 million in derivative trading losses.

On or around November 30, 2004, Bloomberg reported that China Aviation was seeking court protection after losing $550 million from bad bets on oil prices. On this news, trading in the Company’s shares was suspended after the shares dropped to below $.60 per share.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas - Integrated
Headquarters: Singapore

SECURITIES INFORMATION:

Ticker Symbol: CAOLF.PK
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 05-CV-00060
JUDGE: Hon. Robert P. Patterson
DATE FILED: 01/05/2005
CLASS PERIOD START: 02/05/2004
CLASS PERIOD END: 11/30/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Office of Christopher J. Gray, P.C.
    60 Park Avenue, 21st Floor, Law Office of Christopher J. Gray, P.C., NY 10022
    212.838.3221 · gray@cjgraylaw.com
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (NY)
    200 Broadhollow Road, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (NY), NY 11747
    631-367-7100 631-367-1173 ·
  3. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 05-CV-00060
JUDGE: Hon. Robert P. Patterson
DATE FILED: 06/03/2005
CLASS PERIOD START: 02/05/2004
CLASS PERIOD END: 11/30/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Office of Christopher J. Gray, P.C.
    60 Park Avenue, 21st Floor, Law Office of Christopher J. Gray, P.C., NY 10022
    212.838.3221 · gray@cjgraylaw.com
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (NY)
    200 Broadhollow Road, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (NY), NY 11747
    631-367-7100 631-367-1173 ·
  3. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    401 B Street, Suite 1700, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    206.749.5544 206.749.9978 · info@lerachlaw.com
  4. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
No Document Title Filing Date
No Document Title Filing Date