On or around 08/29/2019 (Other)
Filing Date: June 23, 2017
According to the law firm press release, the lawsuit alleges throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Pingtan is banned from Indonesia; (2) Pingtan has used investor capital to finance illegal activity; and (3) as a result, Pingtan’s public statements were materially false and misleading at all relevant times. On May 10, 2017, Aurelius Value published a report on Pingtan asserting, among other things, that Pingtan is specifically banned from Indonesia and Pingtan financed widespread illegal activity with investor capital. On this news, shares of Pingtan fell $1.16 per share or over 28% to close at $2.95 per share on May 10, 2017, damaging investors.
On March 30, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 29. Defendants filed a Motion to Dismiss the amended Complaint on July 30. On March 31, 2019, the Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on April 30. On August 29, the Court of Appeals dismissed the appeal due to a procedural error.
Company & Securities Information
Defendant: Pingtan Marine Enterprise Ltd.
Sector: Consumer Non-Cyclical
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.
First Identified Complaint
Zhong Zheng, et al. v. Pingtan Marine Enterprise Ltd., et al.