On or around 04/16/2020 (Notice of voluntarily dismissal)
Filing Date: February 13, 2020
According to the Complaint, SORL Auto Parts, Inc., through its 90% ownership of Ruili Group Ruian Auto Parts Co., develops, manufactures, and distributes automotive brake systems and other key safety related auto parts to automotive original equipment manufacturers and the related aftermarket both in China and abroad.
On November 29, 2019, SORL Auto Parts, Inc. announced that it had entered into an agreement and plan of merger with Ruili International Inc. Pursuant to the terms of the Merger Agreement, SORL stockholders will receive $4.72 in cash for each share of SORL common stock they own.
On February 11, 2020, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.
This case was voluntarily dismissed on April 16, 2020.
Company & Securities Information
Defendant: SORL Auto Parts, Inc.
Sector: Consumer Cyclical
Industry: Auto & Truck Parts
Ticker Symbol: SORL
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
Richard Scarantino, et al. v. SORL Auto Parts, Inc., et al.
COURT: D. Delaware
DOCKET #: 20-CV-00216
JUDGE: Hon. Colm F. Connolly
DATE FILED: 02/13/2020
CLASS PERIOD START: 11/29/2019
CLASS PERIOD END: 02/13/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Rigrodsky & Long, P.A. (Wilmington)
RM Law, P.C. (Berwyn)
First Identified Complaint (FIC) Filings:
Complaint for Violation of the Securities Exchange Act of 1934
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available