Lawsuit Overview
Settlement Overview
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December 8, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
October 2, 2014 - The court preliminarily approved the settlement.
September 8, 2014 - Parties filed a stipulation of settlement.
September 8, 2014 - The court ordered the defendants' motions to dismiss as moot.
January 6, 2014 - Additional defendants filed a motion to dismiss.
November 18, 2013 - A defendant filed a motion to dismiss.
September 30, 2013 - The court denied defendants' motion to dismiss.
September 19, 2013 - The lead plaintiffs filed a second amended consolidated complaint.
September 19, 2013 - The court granted the lead plaintiffs' motion to amend/correct the amended consolidated complaint.
August 14, 2013 - The lead plaintiffs filed a motion to amend/correct the amended consolidated complaint.
May 28, 2013 - Another defendant filed a motion to dismiss.
April 22, 2013 - More defendants filed motions to dismiss.
April 10, 2013 - Defendants filed a motion to dismiss.
February 14, 2013 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased AgFeed Industries Inc (NASDAQ: FEED) common shares between March 16, 2009 and September 29, 2011. The plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 16, 2009 and September 29, 2011.
April 10, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
December 19, 2011 - Lead plaintiff motions were filed.
October 18, 2011 - An investor in shares of AgFeed Industries Inc (NASDAQ: FEED now trading on the OTC sheets as FEED) filed a lawsuit in U.S. District Court for the Middle District of Tennessee against AgFeed Industries Inc over alleged Violations of Federal Securities Laws.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired the securities of AgFeed Industries Inc (NASDAQ: FEED) on the NASDAQ between March 16, 2009 and August 2, 2011, that AgFeed Industries Inc and certain its officers violated the Securities Exchange Act of 1934 by issuing a series of allegedly materially false and misleading statements to investors about its financial health that were designed to deceive the market and cause shares of AgFeed Industries Inc to trade at artificially high prices.
AgFeed Industries Inc reported on the one hand a significant increase in its annual Revenue from $36.16million in 2007 to $243.61million in 2010, but reported on the other hand a significant decrease in its Net Income from $16.95million for 08, respectively $10.35million for 09 to a Net Loss of $42.70million in 2010.
Shares of AgFeed Industries Inc (NASDAQ: FEED) fell from over $3 in the beginning of 2011 to slightly above $1 per share in June 2011. Then on August 1, 2011 NASDAQ: FEED stocks spike to almost $2 per share, but fell the very next day to $1.31 per share after AgFeed Industries Inc announced on August 2, 2011 its preliminary results for the second quarter of 2011. Among other things, the Company said it expects for the second quarter of 2011 to report revenues of approximately $84.0 million and a net loss of approximately $17 million for the three months ended June 30, 2011. AgFeed Industries Inc also announced that due to operating pressures , AgFeed Industries Inc would be establishing reserves due to concerns regarding credit quality .
Since the August 2nd announcement NASDAQ: FEED continued to lose value and close on October 18, 2011 at $0.81 per share.