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If youpurchased shares of China Housing & Land Development, Inc. (NASDAQ:CHLN) and currently hold any of those NASDAQ:CHLN shares have certain options and should contact the Shareholders Foundation, Inc.
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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
September 9, 2014 (Shareholders Foundation) - An investor, who currently holds shares of China Housing & Land Development, Inc. (NASDAQ:CHLN), filed a lawsuit in effort to halt the proposed takeover of China Housing & Land Development, Inc.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CHLN stockholders by agreeing to sell China Housing & Land Development, Inc. too cheaply via an unfair process.
Under the terms of the transaction, China Housing & Land Development, Inc will commence a reserve stock split where every 50,000 shares of publicly traded common stock will be converted into a whole share of China Housing & Land Development, Inc stock. China Housing & Land Development, Inc will make a cash payment equal to $1.75 for each pre-reverse stock split share.
However, the plaintiff claims that the offer is unfair to NASDAQ:CHLN stockholders and undervalues China Housing & Land Development, Inc.
China Housing & Land Development, Inc. reported that annual Total Revenue rose from $149.46 million in 2012 to $190.03 million in 2013 and that its Net Income declined from $20.21 million to $11.75 million. Shares of China Housing & Land Development, Inc. (NASDAQ:CHLN) traded in 2013 as high as $3.03 per share.
On September 8, 2014, NASDAQ:CHLN shares closed at $1.62 per share.