Case Page

 

Case Status:    DISMISSED    
On or around 10/08/2013 (Other)

Filing Date: November 29, 2011

According to a press release dated November 29, 2011, the plaintiffs allege violations of the federal securities laws in connection with the concealed details surrounding a major asset sale by the Company.

The complaint alleges that, during the Class Period, Defendants knew, or recklessly disregarded, that despite the Company's public representation that although the Company sold a large asset in September 2008, the Company had received no payments from the purchaser at the time the sale was announced. Indeed, it was not until March 18, 2009 that the buyer signed the extension payment agreement with the Company pursuant to which the buyer agreed to pay the purchase price of $8,700,000 in 3 installments (30% in July 2009, 30% in September 2009 and 40% in October 2009). In addition, Defendants, who had reported the sale of the asset, knew or recklessly disregarded that Company improperly reported results from the sale as part of its ongoing operations subsequent to September 2008, despite the fact that the Company had purportedly been sold at that time.

On April 4, 2012, the Court issued an order of consolidation and appointed lead plaintiff and lead counsel.

On July 6, 2012, plaintiffs filed their consolidated amended complaint.

On February 26, 2013, the Court issued a Memorandum and Order granted Bracken’s Motion to Withdraw as Attorney. The Clerk is directed to terminate Docket No. 62. Bracken must serve a copy of this Memorandum and Order on Svoboda forthwith. Svoboda has 30 days to obtain a new counsel. If Svoboda does not obtain new counsel and counsel does not enter a notice of appearance in that time, he shall be deemed to be proceeding pro se.

On September 30, 2013, the Court issued an Order granting the Defendants' motions to dismiss. The Clerk of Court was directed to close this case.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CNOA
Company Market: OTC-BB
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-08623
JUDGE: Hon.Leonard B. Sand
DATE FILED: 11/29/2011
CLASS PERIOD START: 11/12/2008
CLASS PERIOD END: 03/24/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Egleston Law Firm
    360 Furman Street, Suite 443 , Egleston Law Firm, NY 11201
    (646) 227-1700 (646) 227-1701 ·
  2. Rigrodsky & Long, P.A. (Garden City)
    585 Stewart Avenue, Suite 304, Rigrodsky & Long, P.A. (Garden City), NY 11530
    (516) 683-3516 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-08623
JUDGE: Hon.Leonard B. Sand
DATE FILED: 07/06/2012
CLASS PERIOD START: 11/12/2008
CLASS PERIOD END: 05/17/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
No Document Title Filing Date