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Case Status:    SETTLED
On or around 05/23/2017 (Other)

Filing Date: January 04, 2013

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 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 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.


Sector: Energy
Industry: Oil & Gas Operations
Headquarters: China


Ticker Symbol: LPH
Company Market: New York SE
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: C.D. California
DOCKET #: 13-CV-00058
JUDGE: Hon. Stephen V. Wilson
DATE FILED: 01/04/2013
CLASS PERIOD END: 01/03/2013
  1. The Rosen Law Firm, P.A.
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 13-CV-00214
JUDGE: Hon. Stephen V. Wilson
DATE FILED: 07/08/2013
CLASS PERIOD END: 01/03/2013
  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
—Related District Court Filings Data is not available