Lawsuit Overview
July 21, 2015 - The court granted defendants' motions to dismiss and dismissed the case with prejudice.
November 8, 2013 - The defendants filed motions to dismiss.
October 23, 2013 - The lead plaintiff filed a third amended consolidated complaint.
March 28, 2013 - The court granted defendants' motion to dismiss without prejudice.
July 10, 2012 - Defendants filed motions to dismiss.
June 26, 2012 - The lead plaintiff filed a second amended consolidated complaint.
June 20, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
June 18, 2012 - Lead plaintiff motions were filed.
May 23, 2012 - The plaintiff filed an amended complaint.
April 20, 2012 - An investor in shares of China Natural Gas Inc (OTC: CHNG) filed a lawsuit in U.S. District Court for the Southern District of New York against Auditors of China Natural Gas Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 10, 2010 and September 21, 2011.
According to the complaint the plaintiff alleges that on behalf of purchasers of the common stock of China Natural Gas Inc (OTC: CHNG) between March 10, 2010 and September 21, 2011, that as allegedly revealed through the restatements of China Natural Gas Inc's 2009 and 2010 year-end financial statements, and its 2010 and 2011 interim financial statements, Frazer Frost, LLP and Friedman, LLP (the auditors of China Natural Gas Inc’s financial statements between March 10, 2010 and September 21, 2011) allegedly materially misstated China Natural Gas Inc’s financial position and materially misstated facts regarding related party and other transactions.
China Natural Gas Inc faces a lawsuit filed in 2010 over alleged securities laws violations in during the period from March 10, 2010 through August 19, 2010. According to that complaint the plaintiff alleged by issuing false and misleading public statements in its Annual Report for the year ended December 31, 2009 and its Quarterly Report for the quarter ended March 31, 2010, specifically that the defendants concealed the existence of a $17.7 million loan liability on its balance sheet, understated restricted cash by $17.7 million, improperly accounted for $45.6 million in senior notes as short term liabilities, rather than long term, and failed to disclose that it is in default under the senior note indenture.
Shares of China Natural Gas Inc (NASDAQ: CHNG now trading on the OTC sheets as CHNG) fell from $13.70 on October 16, 2009 to $2.54 on June 10, 2011.
On November 9, 2011, China Natural Gas Inc said it received a letter from The NASDAQ Stock Market LLC in which among other things its Staff stated that it has determined to delist China Natural Gas Inc’s securities.
Shares of China Natural Gas Inc (OTC: CHNG) closed on April 20, 2012 at $1.37 per share, roughly 10% of its value from October 2009.