Case Page

 

Case Status:    SETTLED
On or around 05/13/2014 (Date of order of final judgment)

Filing Date: November 14, 2011

According to a press release dated November 14, 2011, the Company violated federal securities laws by falsely representing its finances for over five years and hid large losses by characterizing them in its financials as "fees" paid to investment advisers for work on corporate acquisitions.

The complaint alleges these false statements by the Company artificially inflated its stock price and investors suffered heavy losses after the Company disclosed the truth about its financial statements on November 7, 2011. Investors' American Depository Receipts dropped dramatically from $13.72 on November 7, 2011, the last day of the Class Period, to $9.05 on November 8, 2011, or 34%. The Company’s top executives resigned in what has become a financial scandal in Japan. Recently, on its webpage, the Company admitted discovering that it had been wrongfully "engaging in activities such as deferring the posting of losses on investment securities."

On September 24, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.

On January 9, 2013, the United States District Court for the Eastern District of Pennsylvania ordered that the Clerk of Court shall remove the matter from civil suspense.

On January 15, 2013, Plaintiffs filed a Second Amended Complaint.

On June 7, 2013, the Plaintiffs filed a Third Amended Complaint.

On September 26, 2013, the parties filed a Stipulation agreeing to dismiss certain individual defendants.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Audio & Video Equipment
Headquarters: Japan

SECURITIES INFORMATION:

Ticker Symbol: OCPN
Company Market: Pink Sheets
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: E.D. Pennsylvania
DOCKET #: 11-CV-07103
JUDGE: Hon. James Knoll Gardner
DATE FILED: 11/14/2011
CLASS PERIOD START: 11/07/2006
CLASS PERIOD END: 11/07/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Meredith, Cohen Greenfogel & Skirnick, P.C.
    One Liberty Plaza, 35th Floor, Meredith, Cohen Greenfogel & Skirnick, P.C., NY 10006-1404
    212.240.0020 ·
  2. Sarraf Gentile LLP (Former NYC)
    116 John Street, Suite 2310, Sarraf Gentile LLP (Former NYC), NY 10038
    212.868.3610 212.868.3610 ·
  3. Vianale & Vianale LLP (Boca Raton)
    2499 Glades Road, Suite 112, Vianale & Vianale LLP (Boca Raton), FL 33431
    561.392.4750 561.392.4750 · info@vianalelaw.com
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 11-CV-07103
JUDGE: Hon. James Knoll Gardner
DATE FILED: 01/15/2013
CLASS PERIOD START: 11/07/2006
CLASS PERIOD END: 11/07/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Sarraf Gentile LLP
    450 Seventh Avenue, Suite 1900, Sarraf Gentile LLP, NY 10123
    (212) 868-3610 (212) 918-7967 ·
  2. Vianale & Vianale LLP (Boca Raton)
    2499 Glades Road, Suite 112, Vianale & Vianale LLP (Boca Raton), FL 33431
    561.392.4750 561.392.4750 · info@vianalelaw.com
No Document Title Filing Date