Case Page

 

Case Status:    SETTLED
On or around 02/07/2014 (Other)

Filing Date: December 02, 2010

According to a press release dated December 03, 2010, the Complaint alleges violations of the Securities Exchange Act against China Education Alliance and certain of its officers and directors for misrepresenting the Company’s financial performance. The Complaint alleges that contrary to the Company’s annual reports filed with the SEC for fiscal 2008, which reported $24.9 million of revenue, an annual report for the Company’s main operating subsidiary filed with the Chinese authorities reported less than a million of revenue for 2008. This discrepancy, along with other accounting inconsistencies, and contradictions about the Company’s online education and training center operating segments, has raised red flags of fraud. When this adverse information was released to the market on November 29, 2010 the price of China Education Alliance stock fell substantially damaging investors.

On March 2, 1011, Judge Christina A. Snyder granted the motion to consolidate two related actions under Master Docket, case number No. CV 10-09239 CAS (JCx). According to the order, every pleading filed in this consolidated action shall bear the following caption: In re China Education Alliance, Inc. Securities Litigation. All Securities Class Actions subsequently filed in, or transferred to, this District shall be consolidated into this action. The Troxler Group is appointed Lead Plaintiff of the class. Movant's choice of counsel is approved, and accordingly, the Rosen Law Firm, P.A. is appointed Lead Counsel.

On May 2, 2011, the Lead Plaintiff filed a Consolidated Amended Complaint alleging violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5. The defendants filed a motion to dismiss the case on September 6, 2011, which was denied on October 11, 2011.

On December 5, 2011, the plaintiff filed a Consolidated Second Amended Complaint.

On April 5, 2012, the Court denied the motions to dismiss of certain individual defendants, but also granted without prejudice the motion to dismiss of another individual defendant. Plaintiffs were given leave to file an amended complaint.

On November 19, 2012, the Court issued an Order Preliminarily Approving Settlement and Providing for Notice.

On March 11, 2013, the Court issued an Order awarding attorneys' fees and expenses. This was followed by a Final Judgment and order by the Court to dismiss this case with prejudice.

COMPANY INFORMATION:

Sector: Services
Industry: Schools
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CEU
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: C.D. California
DOCKET #: 10-CV-09239
JUDGE: Hon. Christina A. Snyder
DATE FILED: 12/02/2010
CLASS PERIOD START: 03/31/2009
CLASS PERIOD END: 11/29/2010
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
COURT: C.D. California
DOCKET #: 10-CV-09239
JUDGE: Hon. Christina A. Snyder
DATE FILED: 12/05/2011
CLASS PERIOD START: 05/18/2008
CLASS PERIOD END: 12/07/2010
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 ·
  2. 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