ChinaCache International Holdings Ltd. : American Depository Shares Securities Litigation
On or around 04/26/2021 (Settlement preliminarily approval)
Filing Date: June 12, 2019
According to the Complaint, ChinaCache is an investment holding company that provides content and application delivery services in the PRC.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) ChinaCache and the Company’s Chief Executive Officer and Chairman of the Board of Directors were engaged in enterprise bribery; (ii) the foregoing conduct placed ChinaCache and the Company’s Chief Executive Officer and Chairman of the Board of Directors at a heightened risk of criminal investigation and enforcement action by government authorities, which would foreseeably disrupt the Company’s operations; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
This case was voluntarily dismissed on August 29, 2019. A related case continues under Docket 19-CV-06942 in the Central District of California. On October 2, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 9, 2020. On November 30, the parties notified the Court that they had reached an agreement-in-principle to Settle. The parties entered into a Stipulation and Agreement of Settlement on December 15. On April 26, 2021, the Court granted preliminary approval of the Settlement.
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