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Case ID: 4809 | Stocks | 05/19/2006
A class action has been filed against China Energy Savings Technology Inc. (CESV), certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2005 and February 15, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
On January 17, 2006, the Company announced an underwriting agreement to raise $50 million through a private placement of Company stock. The very same day, China Energy announced that defendant Sun Li resigned as Chairman and CEO of the Company and immediately appointed defendant Kwun Luen Siu to replace him. The complaint alleges, however, that the Company did not disclose that at the core of the $50 million private placement was massive self-dealing -- over 6 million of the shares to be sold were indirectly owned by defendant Li. Moreover, the complaint details, defendants did not disclose that defendant Li had recommended defendant Siu as his replacement and that, prior to being vetted by defendant Li for the role of China Energy CEO, defendant Siu had played an active role in facilitating defendants' self-dealing. According to the complaint, prior to the announcement of the Company's $50 million private placement, defendant Siu introduced the investment group that would underwrite the Company's $50 million private placement offering to defendant Li and the Company. The lawsuit also charges that during the Class Period insiders sold their Company stock at artificially inflated prices, thereby reaping more than $114 million in proceeds. If you bought China Energy Savings Technology Inc. securities between April 21, 2005 and February 15, 2006, inclusive, and would like to obtain information about the China Energy Savings Technology Inc. lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest The parties have reached a tentative $1 million settlement in a class action filed against Cheap Tickets, Inc., on behalf of stockholders who held the company's common stock between August 13, 2001, and October 5, 2001. The action claimed that the defendants violated federal securities laws by breaching their fiduciary duties to shareholders in connection with the sale of Cheap Tickets to Cendant Corporation. Persons eligible to take part in the action must submit claim forms postmarked by July 30, 2004, to receive a share of the settlement. A class action has been filed against Catalina Marketing Corporation (NYSE: POS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2002, and June 30, 2003. Several class actions have been filed against electric utility Gexa Corporation (Nasdaq:GEXA) and certain of its officers and directors by stockholders who purchased the company's common stock between August 14, 2003, and March 30, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities.
A class action has been filed against Red Robin Gourmet Burgers, Inc. (RRGB), certain of its officers and directors by stockholders who purchased the company's common stock between November 8, 2004 and August 11, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against LaBranche & Company, Inc. (NYSE: LAB) and certain of its officers and directors by stockholders who purchased the company's common stock between January 25, 2000, and October 15, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Argentina’s ailing economy was dealt a death blow on September 11, 2001, when the international economy reeled under the terrorist attacks. The class has been certified in an action filed against the Republic of Argentina on behalf of investors who purchased bonds from two series issued by Argentina on or before July 22, 2002, and who hold the bonds continuously rather than dealing in them on the secondary market. The action alleges that Argentina defaulted on the bonds in breach of its contracts with investors. |
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