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Bluenrgy Group Ltd (OTCMKTS: CBDEF) Investor Securities Class Action Lawsuit 09/06/2016

  • If you purchased shares of Bluenrgy Group Ltd (OTCMKTS: CBDEF), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Bluenrgy Group Ltd
Security
OTCMKTS: CBDEF

Case Name
Bluenrgy Group Shareholder Class Action Lawsuit 09/06/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
bluenrgy_group_ltd_settlement_notice_4_2017.pdf
Settlement Proof
bluenrgy_group_ltd_settlement_proof_4_2017.pdf
Filed Complaint
bluenrgy_group_ltd_original_filing_edited_8_2016.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$1,500,000.00
Deadline to Participate in Settlement

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Summary

March 29, 2018 - The court ordered the authorization of the distribution of the net settlement fund.
July 27, 2017 - The court approved the settlement and plan of allocation and entered the order approving the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

April 20, 2017 - The court preliminarily approved the settlement.

April 14, 2017 - Parties filed a stipulation of settlement.

February 15, 2017 - Cases were consolidated.

September 6, 2016 - An investor in shares of Bluenrgy Group Ltd (OTCMKTS: CBDEF) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Bluenrgy Group Ltd, formerly CBD Energy Limited, in connection with certain allegedly false and misleading statements made between June 13, 2014 and October 24, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Bluenrgy Group Ltd (OTCMKTS: CBDEF) common shares between June 13, 2014 and October 24, 2014, that the defendants violated Federal Securities Laws.

On October 24, 2014, Bluenrgy Group Ltd, formerly CBD Energy Ltd, announced that its previously issued audited financial statements for the fiscal years 2012 and 2013 and interim financial statements for the six months ended December 31, 2013 cannot be relied upon by investors. According to Bluenrgy Group Ltd, certain related-party transactions involving its Executive Chairman and Managing Director, Mr. McGowan, were not accurately disclosed in its financial statements. Bluenrgy Group Ltd said that its the Audit Committee determined that the interim financial statements as of and for the six months ended December 31, 2013 should no longer be relied on because of uncertainty about any expectation of realizing full (or any) value of a deposit of approximately $680,000 made in December, about the adequacy of disclosures regarding goodwill and the possibility of recognizing an impairment, about the capitalization of certain payments related to the costs of issuing retail bonds in the United Kingdom, and about classification of certain expenses

bluenrgy_group_ltd_original_filing_edited_8_2016.pdf
Date Settled