Case Page

 

Case Status:    SETTLED
On or around 06/23/2017 (Ongoing date of last review)

Filing Date: October 27, 2014

According to the law firm press release, the lawsuit alleges CBD issued materially false financial statements during the Class Period. On October 24, 2014, CBD Energy announced that its previously issued audited financial statements for the fiscal years 2012 and 2013 and interim financial statements for the six months ended December 31, 2013 (the "December Statements") cannot be relied upon by investors. According to CBD Energy, certain related-party transactions involving its Executive Chairman and Managing Director were not accurately disclosed in its financial statements. The Company also disclosed that revisions to the December Statements are due to uncertainties about: (i) an expectation of realizing full (or any) value of a deposit of approximately $680,000; (ii) the adequacy of disclosures regarding goodwill and the possibility of recognizing an impairment; (iii) the capitalization of certain payments related to the costs of issuing retail bonds in the United Kingdom; and (iv) classification of certain expenses. On this news, shares of CBD Energy fell sharply on October 24, 2014, damaging investors.

On May 19, 2015, this case was transferred to the Southern District of Texas.

On June 29, 2015, the Court appointed lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on August 13.

On July 6, 2016, the Court issued an Order granting the motion to dismiss of certain defendants and denying those of other defendants.

On April 14, 2017, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved on April 20.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: Australia

SECURITIES INFORMATION:

Ticker Symbol: CBDE
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.
COURT: S.D. Texas
DOCKET #: 14-CV-00997
JUDGE: Hon. Rodney Gilstrap
DATE FILED: 10/27/2014
CLASS PERIOD START: 06/12/2014
CLASS PERIOD END: 10/24/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Payne Mitchell Law Group, LLP
    2911 Turtle Creek Blvd., Suite 1400, Payne Mitchell Law Group, LLP, TX 75219
    214-252-1888 214-252-1889 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 15-CV-01668
JUDGE: Hon. Rodney Gilstrap
DATE FILED: 08/13/2015
CLASS PERIOD START: 06/13/2014
CLASS PERIOD END: 10/24/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Payne Mitchell Law Group, LLP
    2911 Turtle Creek Blvd., Suite 1400, Payne Mitchell Law Group, LLP, TX 75219
    214-252-1888 214-252-1889 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date