Case Page

 

Case Status:    DISMISSED    
On or around 10/11/2011 (Court's order of dismissal)

Filing Date: June 11, 2010

According to a press release dated June 12, 2010, a class action lawsuit on behalf of purchasers of the securities of China North East Petroleum Holdings Limited, including purchasers of common stock, call options, and/or sellers of put options during the Class Period.

The complaint charges China North and certain of its officers and directors with violations of the federal securities laws for issuing false and misleading financial information to investors. According to the complaint, on May 27, 2010, China North announced that in 2009 a Company officer and a Company director engineered improper cash transfers between bank accounts of the Company and their personal accounts. The Company also announced that it's CFO and a director had resigned. China North also announced that its CEO was placed on administrative leave and that he stepped down as Chairman of the Board, both pending the outcome of the Company's forensic audit. As a result of these adverse events, China North's stock has been halted and investors have suffered losses.

On November 19, 2010, Judge Miriam Goldman Cedarbaum granted the motion to consolidate the two related actions and appointed 1:10-cv-4577 as lead case. Judge Cedarbaum further appointed Acticon AG as lead plaintiff and approved lead plaintiff’s lawyer, Pomerantz Haudek Block Grossman and Gross LLP, as lead counsel. On January 14, 2011, the lead plaintiff filed a Consolidated Complaint, naming additional defendants in the action. On March 22, 2011, the defendants filed three separate motions to dismiss the Consolidated Complaint.

According to a press release dated October 12, 2011, China North East Petroleum Holdings Limited (the "Company") (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, today announced that the United States District Court for the Southern District of New York has dismissed the three consolidated securities class actions pending against NEP and certain of its current and former officers and directors. ... After briefing and oral arguments, the Honorable Miriam Cedarbaum, United States District Judge for the Southern District of New York, on October 6, 2011, ordered that the consolidated actions be dismissed as to all defendants and the case closed. The Clerk of the Court entered judgment of dismissal on October 11, 2011. The Company understands that plaintiffs may appeal. This dismissal comes on the heels of the dismissal on May 23, 2011 of three shareholder derivative actions that are based on the same circumstances as the class actions and an order denying a subsequent motion to re-open the case on July 8, 2011. An appeal to the Second Circuit Court of Appeals in the derivative actions is pending.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: NEP
Company Market: New York SE
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 #: 10-CV-04577
JUDGE: Hon. Miriam Goldman Cedarbaum
DATE FILED: 06/11/2010
CLASS PERIOD START: 08/14/2009
CLASS PERIOD END: 05/26/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-04577
JUDGE: Hon. Miriam Goldman Cedarbaum
DATE FILED: 01/14/2011
CLASS PERIOD START: 05/15/2008
CLASS PERIOD END: 05/26/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz Haudek Block Grossman & Gross LLP (Chicago)
    10 South LaSalle Street, Suite 3505, Pomerantz Haudek Block Grossman & Gross LLP (Chicago), IL 60603
    312.377.1181 312.377.1181 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
No Document Title Filing Date