Case Page

 

Case Status:    SETTLED
On or around 02/17/2016 (Other)

Filing Date: August 19, 2011

According to the press release dated August 16, 2011, the defendants violated federal securities laws in connection with materially false and misleading public statements concerning its business operations and financials.

On August 16, 2011, a report was issued by the Alfred Little website demonstrating that the Company’s business was smaller than it had represented to investors in its SEC filings. Namely, that (a) SinoTech Energy’ five largest subcontracting customers appear to be shell companies with unverifiable operations and minimal revenues; (b) SinoTech Energy’s sole chemical supplier appears to be an empty shell, with little or no revenues, a deserted office and no signs of production activity; (c) SinoTech’s audited financial statements filed with Chinese authorities confirm the Company’s negligible business operations; and (d) other facts showing that Company’s business operations are smaller than it represents in SEC filings. Later on August 16, 2011, NASDAQ halted trading in the Company’s stock, pending further information requested by the exchange. The Complaint alleges that as a result of these adverse disclosures, investors have been damaged.

On February 21, 2012, the Court issued an order appointing lead plaintiff and consolidating cases 11 CV 5935, 11 CV 6179, 11 CV 6905 into 11 CV 5831. On April 11, 2012, the Court issued an order appointing lead counsel.

On May 1, 2012, plaintiffs filed a consolidated amended complaint.

On July 2, 2012, plaintiffs filed a second consolidated amended complaint.

On March 22, 2013, the parties entered into a Settlement Agreement. This Settlement was preliminarily approved by the Court on May 16.

On September 4, 2013, the Court issued an Order approving the Settlement. The Court also issued an Order approving attorneys' fees. Finally, the Court issued a Final Judgment and ordered this case dismissed with prejudice.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CTE
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-05831
JUDGE: Hon.George B. Daniels
DATE FILED: 08/19/2011
CLASS PERIOD START: 11/03/2010
CLASS PERIOD END: 08/16/2011
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-05831
JUDGE: Hon.George B. Daniels
DATE FILED: 05/01/2012
CLASS PERIOD START: 11/03/2010
CLASS PERIOD END: 08/16/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. The Weiser Law Firm, P.C.
    121 N. Wayne, Ave, Suite 100, The Weiser Law Firm, P.C.
    610.667.7706 · rw@weiserlawfirm.com
No Document Title Filing Date