Case Page

 

Case Status:    DISMISSED    
On or around 09/18/2014 (Court's order of dismissal)

Filing Date: July 15, 2011

According to a press release dated July 15, 2011, the plaintiffs bring violations of Sections 10(b) and 20(a) against the defendants for allegedly false and misleading statements concerning the company’s operations, financial condition, and certain financial transactions.

On May 31, 2011, trading in the company’s stock was halted by the SEC. The reason code for the halt was T12, which indicates that trading was halted pending receipt of additional information requested by NASDAQ from the Company. Subsequently, on June 7, 2011, the company filed a statement on Form 8-K with the SEC indicating that it was in receipt of a letter, attached as an exhibit thereto, from two of the individual defendants announcing their immediate resignation from their positions with the company. These two individual defends previously served as members of the company’s three person Audit Committee.

The resignation letter indicated that the company received a SEC subpoena on March 26, 2011, and that the audit committee had attempted to undertake an independent internal investigation into certain issues raised by the SEC; the letter went on to levy a number of allegations against the company. Allegations included: (1) that the company’s senior management were uncooperative with the investigation and failed to pay necessary legal and other professional fees in a timely fashion; (2) that the same refused to provide documents to the independent investigators, including employee information and bank statements and confirmations; and (3) that the same failed to provide information regarding a 200 million RMB (approximately 31 million USD) transaction between the company and an entity of an apparent related party nature.

The Court issued an order consolidating case numbers 11-CV-22788 and 11-CV-22556 on August 31, 2011.

On November 1, 2011, the Court issued an order appointing lead plaintiffs and approving the selection of lead counsel.

On November 16, 2011, plaintiffs filed an amended consolidated complaint.

On May 22, 2012, the Court issued an Order dismissing certain defendants without prejudice.

On August 1, 2012, the Court issued an Order granting defendants' motions to dismiss without prejudice. Plaintiffs were given leave to amend their complaint. On August 15, 2012, the Plaintiffs filed their amended complaint.

On December 19, 2013, Final Judgment was entered in favor of certain Defendants. These Final Judgments were appealed by the Lead Plaintiffs on January 15, 2014.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: JGBO
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. Florida
DOCKET #: 11-CV-22556
JUDGE: Hon. Marcia G. Cooke
DATE FILED: 07/15/2011
CLASS PERIOD START: 05/17/2010
CLASS PERIOD END: 05/31/2011
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. Florida
DOCKET #: 11-CV-22556
JUDGE: Hon. Marcia G. Cooke
DATE FILED: 11/16/2011
CLASS PERIOD START: 06/08/2010
CLASS PERIOD END: 05/31/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg LLP
    201 North Franklin Street, Suite 3200, Milberg LLP, FL 33602
    813.367.5713 561 892-8164 · polaszek@milberg.com
  2. Wohl & Fruchter LLP
    570 Lexington Avenue, 16th Floor, Wohl & Fruchter LLP, NY 10022
    212.758.4000 212.758.4000 ·
No Document Title Filing Date