Case Page

 

Case Status:    DISMISSED    
On or around 01/16/2015 (Notice of voluntarily dismissal)

Filing Date: November 24, 2014

According to the law firm press release, the lawsuit alleges Pingtan failed to adequately disclose the true nature of material related party transactions that rendered its financial statements materially false and misleading. On November 6, 2014, Pingtan Marine Enterprise 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 20143. 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.

This case was voluntarily dismissed on January 16, 2015.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Crops
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: PME
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: C.D. California
DOCKET #: 14-CV-09049
JUDGE: Hon. R. Gary Klausner
DATE FILED: 11/24/2014
CLASS PERIOD START: 05/14/2013
CLASS PERIOD END: 11/06/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
No Document Title Filing Date