Keyuan Petrochemicals Inc manufactures and sells petrochemical products and rubber in the People’s Republic of China.

According to a press release date November 15, 2011, the Complaint asserts violations of the federal securities laws against the Company and its officers and directors, for issuing materially false and misleading financial information. The Complaint asserts that during the Class Period, the Company failed to properly disclose material related-party transactions that rendered the Company’s periodic reports filed with the SEC false and misleading. These related transactions were brought to light by an investigation led by the Company’s auditor and later the company’s audit committee. The Complaint alleges that this adverse information caused the Company’s stock price to lose nearly half of its value.

On March 29, 2012, the Court issued an order appointing lead Plaintiff and lead Counsel.

On May 29, 2012, the Plaintiffs filed their first amended Complaint.

On November 1, 2012, the Court issued an order granting in part and denying in part Defendant's motion to dismiss. Plaintiffs were given leave to replead. On November 26, the Plaintiffs filed their amended Complaint.

On May 9, 2013, the Court issued an order granting an individual Defendant's motion to dismiss, and granting in part and denying in part another individual Defendant's motion to dismiss.

On May 17, 2013, the Court issued an order entering default against a certain Defendant.

On May 20, 2013, the Plaintiffs filed their third amended Complaint.

On August 13, 2013, the Court issued an order appointing lead Plaintiff and approving lead Counsel for the Private Placement Class.

On August 26, 2013, the Court issued an order granting the Plaintiffs' motion for leave to amend and transferring this action to the Southern District of New York.

On August 8, 2014, the Court issued an order denying an individual Defendant's motion to dismiss.

The parties entered into a Stipulation of Settlement on April 27, 2015. Preliminary approval was granted on June 29. Final approval was granted on October 9.