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China North East Petroleum Holdings Limited (AMEX: NEP) Investors Securities Class Action Lawsuit 06/11/2010

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Lawsuit Overview

Case Dismissed
Company
China North East Petroleum Holdings Limited
Security
AMEX: NEP

Case Name
China North East Petroleum Shareholder Class Action Lawsuit 06/11/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

January 15, 2015 - The court granted defendants motion to dismiss and closed the case.
December 11, 2014 - The court granted the defendants' motions to dismiss originally filed on March 22, 2011.

August 19, 2013 - Parties filed a stipulation of settlement.

August 1, 2012 - The U.S. Court of Appeals for the 2nd Circuit vacated the district court decision and remanded the case for further proceedings.

October 27, 2011 - The lead plaintiff filed a notice of appeal.

October 11, 2011 - The court granted three motions to dismiss.

March 22, 2011 - Defendants filed motions to dismiss.

January 14, 2011 - The lead plaintiff filed an amended consolidated complaint.

November 17, 2010 - The lead plaintiff and lead consel were appointed and all cases were consolidated.

August 10, 2010 - Lead plaintiff motions were filed.

June 11, 2010 - An investor in shares of China North East Petroleum Holdings Limited (OTC: CNEP) filed a lawsuit in the U.S. District Court for the Southern District of New York against China North East Petroleum Holdings Limited over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 14, 2009 and May 26, 2010.

According to the complaint the plaintiff alleges that China North East Petroleum Holdings Limited and certain officers and directors have violated the federal securities laws between August 14, 2009 and May 26, 2010, by issuing misleading financial statements.

China North East Petroleum Holdings Limited announced on May 27, 2010, in an 8-K with the U.S. Securities and Exchange Commission (“SEC”) that its audit committee discovered improper cash transfers in 2009 between bank accounts of China North East Petroleum Holdings Limited and the personal accounts of a certain company officer and a company director. The company’s CFO and a director have resigned. China North East Petroleum Holdings Limited also announced that its CEO was placed on administrative leave and that he stepped down as Chairman of the Board, both pending the outcome of China North East Petroleum Holdings Limited’s forensic audit. China North East Petroleum Holdings Limited's stock price has dropped as a result of this adverse news. Shares of China North East Petroleum Holdings Limited (OTC: CNEP) traded recently at $5.50 per share, down from its 52weekHigh of $11.59 per share.

China North East Petroleum Holdings Limited, located in New York, incorporated on August 20, 1999, is engaged the exploration and production of crude oil in Northern China. China North East Petroleum Holdings Limited reported in 2008 Total Revenue of $19.48million and in 2008 $58.57million.