LAWSUITS NEWS & LEGAL INFORMATION
China Automotive Systems, Inc. CAAS Securities Stock Fraud
|Company:||China Automotive Systems, Inc.|
|Class Period:||Mar-20-10 to Mar-17-11|
|Lead Plaintiff Deadline:||Dec-25-11|
|Court:||Southern District of New York|
The Complaint charges that China Automotive and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following: (i) China Automotive improperly accounted for its convertible notes issued on February 15, 2008; (ii) that, as a result, the Company's financial results were incorrectly stated; (iii) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; and (iv) China Automotive lacked adequate internal and financial controls.
On March 17, 2011, the Company's audit committee stated it would delay the annual financial statement and would need to restate all previously issued financial statements for the fiscal year 2009 and the first three quarters of 2010. On this news, shares of China Automotive fell to a closing price of $8.81 per share. On March 18, 2011, the Company announced that it received a letter from NASDAQ stating it was no longer in compliance with NASDAQ Marketplace rules.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
China Automotive Systems, Inc. CAAS Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible China Automotive Systems, Inc. securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Oct-28-11
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