SmartHeat, Inc. ("Heat") is a Chinese company that designs, manufactures and sells plate heat exchange products and heat meters for industrial, commercial and residential applications.

According to the law firm press release, the Complaint charges that Heat's Chief Executive Officer sold $23 million of his shares during the Class Period, in violation of several SEC rules. This rapid sale of Heat's stock onto the market caused its stock price to plummet.

On December 14, 2012, the Court issued an Order appointing lead Plaintiff and approving the selection of lead Counsel. On January 28, 2013, the lead Plaintiff filed an amended Complaint. On February 6, lead Plaintiff filed a corrected version of the Complaint.

On April 8, 2013, the lead Plaintiff filed a second amended Complaint. Defendant filed a motion to dismiss the second amended Complaint on May 8. On October 7, the Court issued an order denying Defendant's motion to dismiss.

On March 17, 2014, the Court issued an order denying Plaintiff's motion for class certification.

On February 18, 2015, the Court received notification of a settlement in principle. According to a Form 10-K filed with the SEC on July 20, 2016, the Company entered into an agreement to settle all claims, paying the plaintiffs $120,000. In return, the plaintiffs dismissed all claims against the Company and all of the individual defendants with prejudice.