SinoTech Energy Limited is a Chinese company that provides enhanced oil recovery services to oil companies.

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 the 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.