China XD Plastics Company Limited Securities Litigation
On or around 04/10/2017 (Date of order of final judgment)
Filing Date: July 15, 2014
According to the law firm press release, China XD filed materially false and misleading financial statements with the SEC because the Company’s financial statements filed with Chinese regulatory authorities showed a fraction of the revenue and income reported in the Company’s SEC filings. On July 10, 2014, Bleecker Street Research released a report asserting that China XD Plastics had filed reports with regulators in China that showed materially smaller amounts of revenue and net income for fiscal years 2010, 2011 and 2012, than its SEC filings. In addition, the report asserts that China XD Plastics’ gross margins are unbelievably high relative to its competitors, and that its CFO has been linked to an embarrassing financial fraud at another Chinese public company. The complaint alleges that this adverse information caused the price of China XD stock to drop, damaging investors.
On April 10, 2017, the Court entered Judgment in favor of Defendants and dismissed this case.
Company & Securities Information
Defendant: China XD Plastics Company Limited
Sector: Capital Goods
Industry: Construction - Raw Materials
Ticker Symbol: CXDC
Company Market: NASDAQ
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.
First Identified Complaint
Sungwan Yang, et al. v. XD Plastics Company Limited, et al.