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China Century Dragon Media., Inc.

Case Summary

China Century Dragon Media., Inc. Securities Litigation

Case Summary

Case Status:    SETTLED
On or around 05/04/2016 (Date of order of distribution of settlement)

Filing Date: April 01, 2011

According to the press release dated April 1, 2011, the Complaint asserts violations of the federal securities laws against China Century, its officers and directors, and
certain underwriters for issuing materially false and misleading information in the Company’s public offering documents.

On March 28, 2011 the Company issued an announcement revealing that its auditor MaloneBailey LLP (“MB”) had resigned and that MB had withdrawn its prior audit opinions of the Company’s financial statements contained in the offering documents.
MB informed the Company that “due to discrepancies noted on customer confirmations and the auditor's inability to directly verify the Company's bank records, they believe these irregularities may be an indication that the accounting records have been falsified, which would constitute an illegal act.” As a result, MB “is unable to rely on management’s representations as they relate to previously issued financial statements and it can no longer support its opinions related to the financial statements as of December 31, 2009 and 2008.”

On July 8, 2011, the Court issued an Order appointing the Lead Plaintiff and approving the Lead Counsel.

On August 17, 2011, the Lead Plaintiff filed an Amended Complaint.

On January 06, 2012, a Second Amended complaint was filed in the court by the defendant.

On May 20, 2013, the Plaintiffs, Underwriter Defendants, and a certain individual Defendant agreed to a Stipulation of Settlement. Another Defendant entered into a separate Stipulation. On June 19, the Settlement was preliminarily approved by the Court. On the same date, the Court also entered a default judgment against issuer defendant.

On October 10, 2013, the Court issued an Order granting final approval of the Settlement, and also awarded attorneys' fees and expenses.

On November 21, 2013, the Court entered a Partial Judgment and awarded additional attorneys' fees and expenses.

On November 19, 2015, default judgment was entered against Issuer Defendant.

Company & Securities Information

Defendant: China Century Dragon Media., Inc.

COMPANY INFORMATION:

Sector: Services
Industry: Advertising
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CDM
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.

First Identified Complaint

Dan Katz, et al. v. China Century Dragon Media., Inc., et al.

COURT: C.D. California
DOCKET #: 11-CV-02769
JUDGE: Hon.John A Kronstadt
DATE FILED: 04/01/2011
CLASS PERIOD START: 02/08/2011
CLASS PERIOD END: 03/25/2011
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 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint - Jury Trial Demanded 04/01/2011
2 U.S. District Court Civil Docket 04/07/2011
3 [Proposed] Lead Counsel for Plaintiffs 07/08/2011
4 U.S. District Court Civil Docket 07/21/2011

Reference Complaint

Dan Katz, et al. v.China Century Dragon Media., Inc. , et al.

COURT: C.D. California
DOCKET #: 11-CV-02769
JUDGE: Hon.John A Kronstadt
DATE FILED: 08/17/2011
CLASS PERIOD START: 02/07/2011
CLASS PERIOD END: 03/21/2011
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 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Amended Complaint For Violations Of The Federal Securities Laws 08/17/2011
2 U.S. District Court Civil Docket 09/17/2011
3 Order Denying Defendant PKF New York’s Motion To Dismiss The Fourth Amended Complaint 11/07/2011
4 Second Amended Complaint for Violations of the Federal Securities Laws 01/06/2012
5 Civil Minutes 12/18/2012
6 U.S. District Court Civil Docket 12/21/2012
7 Stipulation and Agreement of Settlement 05/20/2013
8 Stipulation and Agreement of Settlement 05/20/2013
9 Notice of Pendency and Settlement of Class Action 05/20/2013
10 Order 06/19/2013
11 Order Granting Preliminary Approval of Settlement and Providing for Notice 07/02/2013
12 Order Re Plaintiffs' Motion for Final Approval of Class Action Settlement and Plaintiffs' Motion for Attorney's Fees and Reimbursement of Expenses 10/10/2013
13 Partial Judgment 11/21/2013
14 Default Judgment 11/19/2015
15 U.S. District Court Civil Docket 05/04/2016
16 Judgment Concerning Distribution of Class Settlement Funds 05/04/2016
 
 

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