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Case Status:    SETTLED
On or around 05/09/2016 (Other)

Filing Date: April 01, 2011

According to a press release dated April 1, 2011, the Complaint asserts violations of the federal securities laws against China Electric Motor and its officers and directors, and underwriters for issuing materially false and misleading information in the Company’s public offering documents and in SEC filings about the Company’s financial condition and internal controls. On March 31, 2011 the Company issued an announcement stating that it would be unable to timely issue its fiscal year 2010 financial results because of “possible discrepancies concerning the Company’s banking statements that were very recently identified by the Company’s auditors in the course of their audit of the consolidated financial statements for the fiscal year ended December 31, 2010.” As a result, China Electric Motor stated it had begun an internal investigation.

Since March 30, 2011 trading in the Company’s stock has been halted, rendering the Company’s stock illiquid and damaging investors.

On July 26, 2011, Judge Manuel L. Real granted the motion to consolidate all putative securities class actions under master file CV 11-2794 R (AGRx). The lead plaintiff was approved and the Rosen Law Firm, P.A. was appointed lead counsel. The plaintiff filed a Consolidated Amended Complaint on September 2, 2011. The defendants responded by filing a motion to dismiss the complaint on October 31, 2011.

On February 26, 2013, the Plaintiffs and Underwriter Defendants entered into a Stipulation of Settlement. On March 18, the Plaintiffs and Issuer Defendant entered into a Stipulation. On the same date, Plaintiffs and another Underwriter Defendant entered into a separate Stipulation. On May 1, the Plaintiffs and another Underwriter Defendant entered into a Stipulation. On June 10, the Plaintiffs and another set of defendants entered into a separate Stipulation of Settlement. The Court issued an Order preliminarily approving the settlement on June 14. On November 12th, the Court issued an Order awarding attorneys' fees and expenses. This was immediately followed by an Order and Final Judgment.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CELM
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: C.D. California
DOCKET #: 11-CV-02794
JUDGE: Hon. Manuel L. Real
DATE FILED: 04/01/2011
CLASS PERIOD START: 01/29/2010
CLASS PERIOD END: 03/30/2011
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 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 11-CV-02794
JUDGE: Hon. Manuel L. Real
DATE FILED: 09/02/2011
CLASS PERIOD START: 01/29/2010
CLASS PERIOD END: 03/20/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date