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Case Status:    SETTLED
On or around 06/02/2016 (Date of order of final judgment)

Filing Date: August 26, 2010

According to the complaint filed on August 26, 2010, the Company did not disclose and did not properly account for the Bank Loan in its March 2010 Form 10-Q. Defendants disseminated or approved these and other materially false and misleading statements, which they knew or recklessly disregarded were misleading in that they contained misrepresentations and failed to disclose material facts necessary to make the statements made, in light of the circumstances under which they were made, not misleading.

According to the Company's FORM 10-Q for the quarterly period ended June 30, 2011, on August 26, 2010, plaintiff Maxwell Vandevelde filed a putative class action against the Company and certain of its officers and directors. The complaint alleges that defendants violated U.S. federal securities laws for failing to disclose material facts regarding its financial well-being. The suit seeks unspecified monetary damages. On June 29, 2011, after reviewing the competing motions filed by Richard Crippa (“Crippa”) and Robert Skeway (“Skeway”) for appointment as lead plaintiff and approval of selection of lead counsel, United States District Court for the District of Delaware denied without prejudice both motions and ordered Crippa and Skeway to submit supplemental briefs on or before July 12, 2011.

On August 12, 2011, Judge Sue L. Robinson granted Robert Skeway's motion to appoint lead plaintiff and approve lead plaintiff's selection of counsel. An Amended Complaint was filed on October 11, 2011. The defendants responded by filing a motion to dismiss on December 12, 2011.

On July 6, 2012, the Court issued an order granting defendants' motion to dismiss. Plaintiffs were granted leave to amend their complaint within twenty-one days of the order.

On July 27, 2012, the plaintiffs filed their second amended complaint.

On April 9, 2013, the Court issued an Order administratively closing this case pending bankruptcy litigation.

On June 18, 2014, the Court certified the Lead Plaintiff’s Motion for Class Certification.

On January 28, 2016, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on February 10. On June 2, the Settlement was granted final approval by the Court and this case was dismissed.

COMPANY INFORMATION:

Sector: Utilities
Industry: Natural Gas Utilities
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CHNG
Company Market: Pink Sheets
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: D. Delaware
DOCKET #: 10-CV-00728
JUDGE: Hon. Sue L. Robinson
DATE FILED: 08/26/2010
CLASS PERIOD START: 03/10/2010
CLASS PERIOD END: 08/19/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rosenthal, Monhait, Gross & Goddess, P.A.
    Suite 1401, Mellon Bank Center, PO Box 1070, Rosenthal, Monhait, Gross & Goddess, P.A., DE 19899-0170
    302.656.4433 (302) 658-7567 ·
No Document Title Filing Date
COURT: D. Delaware
DOCKET #: 10-CV-00728
JUDGE: Hon. Sue L. Robinson
DATE FILED: 10/11/2011
CLASS PERIOD START: 03/10/2010
CLASS PERIOD END: 09/21/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date