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Case Status:    SETTLED
On or around 09/09/2015 (Date of order of distribution of settlement)

Filing Date: February 04, 2011

According to a press release dated February 05, 2011, the Complaint asserts violations of the Securities Exchange Act against China Valves and its officers and directors for misrepresenting the nature, circumstances, and related party nature of the Company’s acquisitions of Able Delight (Changsha) Valve Co. and Shanghai Pudong Hanwei Valve Co., Ltd. The Complaint asserts that defendants concealed that both acquisitions involved payments to entities or persons that were related to management in violation of generally accepted accounting principles and SEC rules. The Complaint also alleges that Defendants materially overstated the financial condition and business prospects of the acquired companies. When the market learned of this adverse information, the price of China Valves stock dropped damaging investors.

On June 29, 2011, the Court issued an order consolidating three separate actions, including the following docket numbers: 11 Civ. 0796 (LAK), 11 Civ. 1116 (LAK), 11 Civ. 1564 (LAK). Moreover, the Court ordered that Bristol Investment Fund, Ltd. serve as lead plaintiff over the Mallard Group because Bristol possesses the largest financial interest in the action. The Court also approved Federman & Sherwood and The Ball Law Firm LLP asl lead counsel.

On August 29, 2011, the lead plaintiffs filed a Consolidated Class Action Complaint.

On September 12, 2012, the Court issued a Memorandum Opinion granting the defendants' motion to dismiss without prejudice. Plaintiffs were given leave to file an amended complaint. On September 26, 2012 the Plaintiffs filed their amended complaint.

On October 21, 2013, the Court issued an Order granting in part and denying in part Defendants' motions to dismiss.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Misc. Fabricated Products
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CVVT
Company Market: NASDAQ
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 #: 11-CV-00796
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 02/04/2011
CLASS PERIOD START: 01/12/2010
CLASS PERIOD END: 01/13/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. P.C. (New York, Former Office)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm, P.A. P.C. (New York, Former Office), NY 10016
    212.686.1060 212.202.3827 · info@rosenlegal.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-00796
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 08/29/2011
CLASS PERIOD START: 12/01/2009
CLASS PERIOD END: 01/13/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    10205 N. Pennsylvania, Federman & Sherwood (Oklahoma City), OK 73120
    405.235.1560 405.235.1560 ·
  2. The Ball Law Firm LLP
    10866 Wilshire Boulevard Suite 1400, The Ball Law Firm LLP , CA
    310-446-6148 ·
  3. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date