Processing your request

please wait...

Case Page


Case Status:    SETTLED
On or around 05/10/2017 (Date of order of final judgment)

Filing Date: April 14, 2011

Puda Coal, Inc. is a Chinese company that supplies high-grade metallurgical coking coal to the domestic industrial sector.

On April 14, 2011, a Class Action Complaint was filed against Puda Coal in the Central District of California. The Complaint alleges that throughout the Class Period, Defendants misrepresented and/or failed to disclose, among other things: that the Company's Chairman had transferred ownership/shares of SPCG to himself through a series of transactions; (49% of SPCG were sold); that, as a result, Puda did not possess the ownership interests in SPCG that the Company claimed to possess; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

Similar, purported class action Complaints have also been filed in the U.S. District Courts for the Southern District of New York and the Central District of California.

On July 27, 2011, the Court issued an order transferring this case to the Southern District of New York.

On December 6, 2011, the Court issued and order consolidating cases, appointing lead Plaintiffs, and approving the selection of lead Counsel. On January 27, 2012, lead Plaintiffs filed a consolidated Complaint. On February 9, the lead Plaintiffs filed a corrected version of their consolidated Complaint.

On March 18, 2013, the Court issued an order on Defendants' motions to dismiss. The Court granted the motions of certain Defendants and denied the motions of others.

On April 21, 2014, the Plaintiffs filed a second consolidated amended Complaint.

On July 14, 2014, the Court issued an order denying the Underwriter Defendants' motions to dismiss.

On October 16, 2015, the Plaintiffs entered a Stipulation of Settlement with Underwriter Defendants. Final approval of all Settlements was granted on June 22, 2016.

Protected Content

Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.