Pingtan Marine Enterprise Ltd. ('Pingtan") is a marine enterprises company. The Company is primarily engaging in ocean fishing in the People's Republic of China.

According to the law firm press release, the lawsuit alleges that 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.