Case Page

 

Case Status:    DISMISSED    
On or around 03/31/2017 (Court's order of dismissal)

Filing Date: November 26, 2014

According to the law firm press release, the lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as common law fraudulent concealment, that occurred when CHOP, its directors, and/or officers issued materially false and misleading statements regarding CHOP’s business and prospects.

Specifically, on September 4, 2014, CHOP disclosed that, before June 30, 2014, it had purportedly spent $234 million of its unrestricted cash to acquire a collection of antique Chinese porcelain that it valued at $905 million. However, CHOP provided no details regarding the collection’s source, where the collection was being stored, whether it is insured, and who appraised and authenticated it.

Before this unexpected purchase, CHOP had emphasized its fiscal discipline, and had characterized its growth strategy as involving expanding its product lines, expanding overseas, and combining with competitors. CHOP had also previously touted its significant cash reserves, reporting holdings of $230.7 million of unrestricted cash as of March 31, 2014. By contrast, on September 4, 2014, CHOP disclosed that as of June 30, 2014, it had a mere $3 million in unrestricted cash.

Upon the announcement of this alleged acquisition, shares of CHOP declined from $0.61 per share on September 3, 2014 to a September 4, 2014 closing price of $0.49 per share, representing a decline of approximately 20%.

On April 29, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel.

An amended complaint was filed on January 22, 2016.

On May 16, 2016, the Court issued an Order granting Defendant's motion to dismiss without prejudice. Plaintiffs were given leave to file an amended complaint. An amended complaint was filed on June 16.

This case was dismissed with prejudice on March 29, 2017.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Iron & Steel
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CHOP
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. New York
DOCKET #: 14-CV-09443
JUDGE: Hon. Edgardo Ramos
DATE FILED: 11/26/2014
CLASS PERIOD START: 01/11/2012
CLASS PERIOD END: 09/04/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-09443
JUDGE: Hon. Edgardo Ramos
DATE FILED: 06/16/2016
CLASS PERIOD START: 03/17/2009
CLASS PERIOD END: 06/16/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
No Document Title Filing Date