Tag Archives: Chinese Securities litigation

Uptick in Securities Suits Against U.S.-Listed Chinese Companies

Long-time readers of this blog will recall that in 2011, there was a rash of U.S. securities class action lawsuits filed against U.S.-listed Chinese companies. Many of these companies had obtained their U.S.-listings by way of a reverse merger with a U.S.-listed public shell. The 39 securities suits filed in 2011 against U.S.-listed Chinese companies … Continue Reading

Rare Securities Suit Trial Produces Jury Verdict Against Former Longtop Financial CFO

On November 21, 2014, after a securities class action trial that lasted less than three days and after less than a day of deliberation, an eight-person jury entered a verdict holding former Longtop Financial Technologies CFO Derek Palaschuk liable for the company’s alleged misrepresentations about its financial condition. According to Nate Raymond’s November 21, 2014 … Continue Reading

Thinking About U.S. Securities Lawsuits Against U.S.-Listed Chinese Companies

For a brief period in the 2010-2012 time frame, U.S. securities lawsuits filings against U.S.-listed Chinese companies surged as investors filed a wave of lawsuits against Chinese companies that obtained U.S.-listings by way of a merging with a publicly traded shell. The Chinese reverse merger lawsuit filing wave eventually subsided – yet filings against U.S.-listed … Continue Reading

Shareholders Obtain $882 Million Default Judgment in Longtop Financial Securities Suit

During the period 2010 to 2012, plaintiffs’ lawyers rushed to file a wave of securities suits against U.S.-listed Chinese companies. In general, the cases filed as part of this wave that have reached the settlement stage have settled for relatively modest amounts. However, at least one of these cases has now resulted in an absolutely … Continue Reading

More About Stories We’re Following: Libor Scandal, FIRREA, Chinese Company Securities Suits

NCUA Files Libor Manipulatoin Antitrust Suit: Even though the federal judge presiding over the consolidated Libor antitrust litigation has granted the defendants’ motion to dismiss the antitrust claims, the federal credit union regulatory agency has filed a new action against Libor rate-setting banks alleging violation of the Sherman Act. As described in the National Credit Union … Continue Reading

Corruption Allegations: More Securities Suits Against U.S.-Listed Chinese Companies?

As many readers will recall, a couple of years ago there was an intense barrage of securities litigation class action lawsuit filings against U.S.-listed Chinese companies. Many of the cases involved Chinese companies that obtained their U.S. listings by way of a reverse merger with publicly traded shell, and almost all of the cases involved alleged … Continue Reading

Remembrance of Things Past

Back in 2009, one of the prominent securities litigation filing trends was the prevalence of “belated” securities class action lawsuit – that is, cases filed at the very end of the limitations period rather than in immediate aftermath of a stock price decline   And then in 2011, perhaps the most significant securities lawsuit filings … Continue Reading

Libor-Scandal Antitrust Plaintiffs Allowed to Seek Leave to Amend Their Allegations

Citing the “obvious magnitude” of the Libor-related antitrust litigation, Southern District of New York Judge Naomi Reice Buchwald has given the plaintiffs leave to attempt to amend their complaints to address the shortcomings that previously led her to grant the defendants’ motion to dismiss. Judge Buchwald granted the plaintiffs’ request for leave to file a motion … Continue Reading

Securities Suit Against U.S.-Listed Chinese Company Survives Dismissal Motion in Part

On August 24, 2012, in a decision involving a U.S.-listed Chinese company that is of particular interest because of the significance the court attached to the discrepancies between financial figures the defendant company reported to the Chinese government and the figures it reported to the SEC, Southern District of New York Judge George Daniels denied … Continue Reading
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