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China Zenix Auto International Limited (NYSE: ZX) Investor Securities Class Action Lawsuit 10/31/2018

  • If you purchased shares of China Zenix Auto International Limited (NYSE: ZX), you have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
China Zenix Auto International Limited
Security
NYSE: ZX

Case Name
China Zenix Auto Shareholder Class Action Lawsuit 10/31/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

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Summary

June 12, 2020 - The court granted in part and denying in part the defendants' motion to dismiss.

September 11, 2019 - A motion to dismiss the amended complaint was filed.

April 23, 2019 - An amended complaint was filed.

October 13, 2018 - An investor in shares of China Zenix Auto International Limited (NYSE: ZX) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by China Zenix Auto International Limited in connection with certain allegedly false and misleading statements made between October 2, 2015 through June 14, 2018.

Zhangzhou, China based China Zenix Auto International Limited designs, manufactures, and sells commercial vehicle wheels to aftermarket and original equipment manufacturers in the People's Republic of China and internationally. China Zenix Auto International Limited reported that its annual Total Revenue rose from 323.69 million CNY in 2016 to 434.73 million CNY in 2017 and that its Net loss of 3.73 million CNY in 2016 turned into a Net Income of 1.39 million CNY in 2017.

On June 15, 2018, China Zenix Auto International Limited announced that the NYSE decided to delist the company's stock from its exchange, effective as of June 14, 2018. Shares of China Zenix Auto International Limited (NYSE: ZX) closed on June 14, 2018, at $1.38 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of China Zenix Auto International Limited (NYSE: ZX) common shares between October 2, 2015 through June 14, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 2, 2015 through June 14, 2018, the defendants made false and/or misleading statements and/or failed to disclose that China Zenix’s trading actions in connection with its compliance with the NYSE Continued Listed Requirements were contrary to public policy, that China Zenix had inadequate internal controls over financial reporting, and that as a result of the foregoing, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.