Case Page

 

Case Status:    DISMISSED    
On or around 09/04/2014 (Other)

Filing Date: April 20, 2012

According to the complaint filed on April 20, 2012, China Natural filed its Form 10-K for the year ended December 31, 2009 with the SEC. This document failed to disclose, in a subsequent events note to the 2009 year-end financial statements, that in January 2010 the Company improperly loaned a related party a material sum and that, in February 2010, the Company obtained a bank loan in the amount of $17.7 million and in connection therewith caused its variable interest entity to pledge its equipment and vehicles located within China to secure the loan and guaranteed its repayment.

The complaint further goes on to allege, CNG's 2009 financial statements was materially false and misleading because these financial statements were not presented in accordance with Generally Accepted Accounting Principles ("GAAP"), nor were they audited in accordance with Generally Accepted Auditing Standards ("GAAS").

On June 20, 2012, the Court granted an Order Appointing Lead Plaintiff and Approving Selection of Counsel.

On June 26, 2012, a Consolidated Class Action Complaint for Violation of the Federal Securities Laws was filed by the plaintiffs against the defendants.

On March 28, 2013, the Court issued an Order granting the defendant’s Motion to Dismiss without prejudice. An opinion explaining the reasons for this ruling will issue in due course, after which the Court will set a schedule any new pleadings. The Court also directed the Clerk of the Court to close items numbered 27 and 32 on the docket.

On September 24, 2013, the Court issued a Memorandum Order that granted the defendants' motions to dismiss the Complaint, without prejudice and allowed the plaintiffs to replead.

On October 23, 2013, the plaintiffs filed Amended Consolidated Class Action Complaint against the defendants. This Complaint was dismissed with prejudice by the Court on February 24, 2014.

COMPANY INFORMATION:

Sector: Utilities
Industry: Natural Gas Utilities
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CHNG
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: S.D. New York
DOCKET #: 12-CV-03166
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 04/20/2012
CLASS PERIOD START: 03/10/2010
CLASS PERIOD END: 09/21/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Egleston Law Firm - New York Office
    440 Park Avenue South, 5th Floor, Egleston Law Firm - New York Office, NY 10016
    (212) 683-3400 ·
  2. Gainey & McKenna, LLP
    295 Madison Avenue, 4th Floor, Gainey & McKenna, LLP, NY 10017
    212.983.1300 212.983.1300 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 12-CV-03166
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 10/23/2013
CLASS PERIOD START: 03/10/2010
CLASS PERIOD END: 09/21/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Securities and Exchange Commission
    3 World Financial Center, Room 4300, Securities and Exchange Commission, NY 10281
    ·
No Document Title Filing Date