According to the law firm press release, the Complaint asserts violations of the federal securities laws against Tibet Pharma, its officers and directors, and underwriters for issuing inaccurate statements of material fact about the Company’s true financial and business condition, which ultimately caused the Tibet Pharma’s stock to be halted by the NASDAQ and delisted, causing investors to lose nearly their entire investment. The Complaint alleges defendants misrepresented and failed to disclose material internal control deficiencies, which rendered the Company’s registration statement and prospectus to be materially false and misleading.
On January 9, 2013, the Court issued an Order consolidating cases.
On February 27, 2013, the Court issued an Order appointing lead plaintiffs and approving the selection of lead counsel.
On May 1, 2013, the Lead Plaintiffs filed their Consolidated Amended Class Action Complaint.
On May 1, 2014, the Court issued an Order transferring this case to the District of New Jersey.
On May 31, 2016, Plaintiffs entered into a Stipulation of Settlement with the Auditor Defendants. The Auditor Settlement was preliminarily approved on December 29. The Court issued an Order awarding attorneys' fees and expenses and granting final approval of the Settlement on June 29, 2017. On July 28, 2017, the Court entered Final Judgment. The Court issued an Order authorizing distribution of funds on January 5, 2018.
On June 30, 2016, one of the Underwriter Defendants filed a Motion for Summary Judgment. On May 10, 2017, the Court issued an Order granting in part and denying in part the Underwriter Defendants' Motion. The Underwriter Defendant filed a Notice appealing this decision on April 4, 2018. On July 23, 2019, the Court of Appeals reversed the decision of the District Court and remanded to the District Court with instructions to enter judgment in favor of the Underwriter Defendants.
On January 18, 2018, Plaintiffs filed an unopposed Motion for Default Judgment as to the Company Issuer. On June 4, the Court issued an Order denying Plaintiffs' Motion for Default Judgment. On March 24, 2020, the Court issued an Order dismissing with prejudice the unserved Defendants. Also on March 24, the Court issued an Order granting Lead Plaintiffs' Motion for Default Judgment as to Tibet Pharmaceuticals and granted compensatory damages to the Lead Plaintiffs.