Case Page

 

Case Status:    SETTLED
On or around 01/22/2014 (Other)

Filing Date: August 06, 2010

According the complaint filed August 06, 2010, the Complaint asserts that the Company’s revenues were substantially overstated and that the Company exaggerated the extent of its business operations. On June 28, 2010, an entity calling itself Muddy Waters released a report containing facts indicating that ONP has issued false financial statements and press releases. The report was followed by a series of back-and-forth accusations between Muddy Waters and the Company. Finally, on July 16, 2010, Orient Paper announced that it would retain a law firm and a “Big Four” accounting firm to conduct an investigation into the troubling issues raised by Muddy Waters. As a result of these adverse disclosures, Orient Paper’s share price dropped substantially, damaging shareholders.

On November 18, 2010, Judge Valerie Baker Fairbank appointed the ONP Group as Lead Plaintiff and approved their choice of the Rosen Law Firm, P.A. as Lead Counsel. On January 28, 2011, the Plaintiffs filed an Amended Complaint, amending the class period, claims, and named defendants in the action. The defendants responded by filing a motion to dismiss the Amended Complaint on March 14, 2011. The motion to dismiss was denied on July 20, 2011. According to the Minutes, Defendants have insufficiently shown that Plaintiffs have not met their burden under the Private Securities Litigation Reform Act.

On October 14, 2011, the plaintiffs filed a motion to certify the class.

On October 3, 2012, the parties agreed to a Stipulation of Settlement.

On November 16, 2012, the Court issued an Order Preliminarily Approving Settlement and Providing for Notice. On April 29, 2013, the Court issued an Order awarding attorneys' fees and expenses. On the same date, the Court issued a Final Judgment and ordered this case dismissed with prejudice.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Paper & Paper Products
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: ONP
Company Market: American 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: C.D. California
DOCKET #: 10-CV-05887
JUDGE: Hon. Valerie Baker Fairbank
DATE FILED: 08/06/2010
CLASS PERIOD START: 03/27/2009
CLASS PERIOD END: 07/22/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A.
    333 South Grand Avenue, 25th Floor, The Rosen Law Firm, P.A., CA 90071
    213.785.2610 213.226-4684 ·
  2. 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: C.D. California
DOCKET #: 10-CV-05887
JUDGE: Hon. Valerie Baker Fairbank
DATE FILED: 01/28/2011
CLASS PERIOD START: 03/27/2009
CLASS PERIOD END: 08/13/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A.
    333 South Grand Avenue, 25th Floor, The Rosen Law Firm, P.A., CA 90071
    213.785.2610 213.226-4684 ·
No Document Title Filing Date
No Document Title Filing Date