Pingtan Marine Enterprise Ltd. ("Pingtan" or the Company) is a fishing company based in the People's Republic of China.

According to the law firm press release, the lawsuit alleges Pingtan failed to adequately disclose the true nature of related-party transactions that rendered its financial statements materially false and misleading. On November 6, 2014, Pingtan announced that it will restate its previously issued annual financial statements for the years ended December 31, 2013 and 2012, and for the quarters ended March 31, 2014 and 2013, and June 2013 and 2014. The Company revealed the restatements will primarily reflect 20 fishing vessels leased from a related party, clarifications to certain disclosures, and other miscellaneous adjustments. The lawsuit claims that when these adverse facts entered the market and/or materialized, the price of Pingtan stock dropped, damaging investors.

On January 16, 2015, the first identified case was voluntarily dismissed. A related case filed under Docket 15-CV-00267 continues.

On April 22, 2015, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on July 7.

On September 11, 2015, Defendant filed a Motion to Dismiss. On July 19, 2016, the Court issued an Order granting Defendant's Motion to Dismiss.