Case Page

 

Case Status:    SETTLED
On or around 12/03/2014 (Other)

Filing Date: April 20, 2011

According to a press release dated April 20, 2011, the Complaint alleges that SkyPeople engaged in undisclosed related party transactions in violation of the federal securities laws. On March 31, 2010, the Company issued its Annual Report on Form 10-K for the year ending December 31, 2009. The Company stated that there were no related party transactions that year. On April 1, 2011, the Company issued its Annual Report on Form 10-K for the year ending December 31, 2010. It stated that one of the Company’s major acquisitions in 2009, Yingkou Trusty Fruits Co., Ltd., had been 46% owned by a company which in turn was 80% owned by SkyPeople’s CEO and 20% owned by a director of SkyPeople

On April 1, 2011, Roth Capital Partners cut their price target for SkyPeople from $13 to $4.50, citing concerns about related party transactions. From March 31, 2011 to April 4, 2011 (two trading days), SkyPeople stock price fell from $4.41 per share to $3.57 per share, damaging investors.

On August 30, 2011, the Court issued an order appointing Lead Plaintiff and approving of lead counsel.

On November 28, 2011, the Lead Plaintiff filed a Consolidated Amended Complaint for violations of the federal securities laws.

On June 20, 2012, the Lead Plaintiff filed a Notice voluntarily dismissing certain defendants without prejudice from this action.

On September 10, 2012, the Court issued an Order granting in part and denying in part the motions to dismiss of defendants.

On July 29, 2013, the parties filed a Notice of a pending Settlement. A Stipulation of Settlement was filed on September 13. The Settlement was preliminarily approved by the Court on September 18. On January 27, 2014, the Court issued an Order awarding attorneys' fees and expenses. This was immediately followed by an Order and Final Judgment settling this action.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Food Processing
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: SPU
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-02700
JUDGE: Hon. P. Kevin Castel
DATE FILED: 04/20/2011
CLASS PERIOD START: 03/31/2010
CLASS PERIOD END: 04/01/2011
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
COURT: S.D. New York
DOCKET #: 11-CV-02700
JUDGE: Hon. P. Kevin Castel
DATE FILED: 11/28/2011
CLASS PERIOD START: 03/31/2010
CLASS PERIOD END: 06/01/2011
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