Longwei Petroleum Investment Holding Limited ("Longwei") is a Chinese energy company that distributes finished petroleum products in the wholesale market.

According to the law firm press release, the Complaint asserts violations of the federal securities laws against Longwei and certain if its officers and directors for issuing materially false and misleading financial information. Namely, the lawsuit asserts, among other things, that Longwei: (a) failed to disclose a material related party investment in a tourism business involving CEO Cai; (b) concealed that CEO Cai was a minority owner of Longwei’s subsidiaries; and (c) Longwei’s wholesale fuel sales were vastly exaggerated given certain of those facilities were idle. On January 3, 2013, investment site Geoinvesting.com published a report revealing these adverse facts and other red flags of potential fraud, including Longwei’s connection to another notorious PRC fraud involving Puda Coal, Inc. This announcement caused Longwei’s stock to fall more than 70% on January 3, 2013. Since the announcement, trading in Longwei stock has been halted.

On March 4, 2013, the Plaintiff, pursuant to Federal Rule of Civil Procedure 41(a)(1)(A), voluntarily dismissed their action without prejudice.

On May 14, 2013, the Court granted a different investor group's motions for consolidation, appointment as lead Plaintiff, and approval of lead Counsel.

On July 8, 2013, a consolidated securities class action Complaint was dismissed with prejudice against all Defendants.

On November 5, 2015, the parties entered into a Stipulation of Settlement. Preliminary approval was granted on June 23, 2016. Final approval was granted on May 22, 2017.