Shanda Games Limited ("Shanda") is an online game developer, operator and publisher. Shanda is a Cayman Islands corporation with its principle executive offices located in Shanghai, People’s Republic of China.

On April 3, 2015, Shanda announced that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Capitalhold, and Capitalcorp Limited, a corporation and wholly owned subsidiary of Capitalhold (“Capitalcorp”). Pursuant to the terms of the Merger Agreement, Capitalhold acquired Shanda through the merger of Capitalcorp with and into Shanda, with Shanda surviving as a wholly owned subsidiary of Capitalhold.

The Complaint alleges that between May 5, 2015 and October 13, 2015, in order to convince Shanda stockholders to vote in favor of the Merger, Defendants authorized the filing of a materially false and misleading Proxy Statement on a Schedule 14A with the SEC, in violation of Sections 10(b), 14(a) and 20(a) of the Exchange Act.

On June 1, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 13. Defendants filed a Motion to Dismiss the amended Complaint on January 11, 2019. On September 30, the Court issued an Order granting Defendants' Motion to Dismiss.

On October 2, 2020, the Court issued an Order giving Plaintiffs leave to amend the Complaint. Lead Plaintiff filed a second amended Complaint on October 23. Defendants filed a Motion to Dismiss the second amended Complaint on June 11, 2021. On March 31, 2022, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On November 29, 2022, the Court directed the Clerk of Court to enter judgment in favor of the dismissed claims as to multiple Defendants and stayed the case pending resolution of any appeal of its final judgment. Lead Plaintiff filed a Notice appealing the Court's final judgment on December 2.