According to the law firm press release, China Ceramics is based in the People’s Republic of China and is a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings. The Complaint alleges that the Company misrepresented or failed to disclose material weakness in the Company’s internal control over financial reporting and the risk of writedowns of its assets.
On November 13, 2013, the Company announced its financial results for third quarter 2013, and disclosed a substantial asset writedown of property, plant and equipment. Then, on May 1, 2014, NASDAQ announced a halt in trading of the common shares of China Ceramics pending “additional information requested." Also on May 1, 2014, the Company filed with the Securities and Exchange Commission a notification of the Company’s inability to timely file its annual report with the SEC for the year ended December 31, 2013.
On August 26, 2014, the Court issued an Order appointing Lead Plaintiffs and approving lead counsel.
On July 22, 2015, the parties entered into a Settlement Agreement. This Settlement was preliminarily approved by the Court on September 1. This Settlement was granted final approval by the Court on April 22, 2016.
As a result of the approval of the Settlement, the parties stipulated to a voluntary dismissal of this case on August 2, 2016.