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Case Status:    ONGOING    
On or around 02/20/2014 (Ongoing date of last review)

Filing Date: October 25, 2011

According to a press release dated October 26, 2011, the complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.

The Complaint charges that the Company and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following: (i) the Company improperly accounted for its convertible notes issued on February 15, 2008; (ii) that, as a result, the Company's financial results were incorrectly stated; (iii) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; and (iv) China Automotive lacked adequate internal and financial controls.

On March 17, 2011, the Company's audit committee stated it would delay the annual financial statement and would need to restate all previously issued financial statements for the fiscal year 2009 and the first three quarters of 2010. On this news, shares of China Automotive fell to a closing price of $8.81 per share. On March 18, 2011, the Company announced that it received a letter from NASDAQ stating it was no longer in compliance with NASDAQ Marketplace rules.

On February 2, 2012, the Court issued an Order appointing lead plaintiffs and lead counsel.

On February 24, 2012, plaintiffs filed an amended complaint.

On August 8, 2012, the Court issued an Order ruling on defendants' motions to dismiss. The motion to dismiss of the Company was denied, and the motion of the Company's auditor was granted. Plaintiffs were given leave to file an amended complaint. On August 20, 2012, plaintiffs filed their second amended complaint.

On August 27, 2012, the Court issued an Order appointing co-lead counsel.

On September 25, 2012, the Court issued an Order denying auditor defendant's motion to dismiss.

On January 22, 2013, a Stipulation was filed voluntarily dismissing certain individual defendants from this action without prejudice.

On July 3, 2013, an Order and Opinion was rendered by the Court denying the plaintiff’s motion for class certification as the Court felt the Plaintiffs’ class lacked adequacy, typicality, and predominance.

On December 6, 2013, the plaintiffs entered into a Stipulation of Settlement with the auditor defendant. On January 15, 2014, the Court denied the Motion to approve this Settlement.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Parts
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CAAS
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-07533
JUDGE: Hon.Katherine B. Forrest
DATE FILED: 10/25/2011
CLASS PERIOD START: 03/25/2010
CLASS PERIOD END: 03/17/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-07533
JUDGE: Hon.Katherine B. Forrest
DATE FILED: 02/24/2012
CLASS PERIOD START: 05/12/2009
CLASS PERIOD END: 03/17/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date