TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Chinacast Education Corporation (NASDAQ: CAST) Investor Securities Class Action Lawsuit 04/18/2014

  • If you purchased shares of Chinacast Education Corporation (NASDAQ: CAST), 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

Case Dismissed
Company
Chinacast Education Corporation
Security
NASDAQ: CAST

Case Name
Chinacast Education Shareholder Class Action Lawsuit 04/18/2014
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
You must register or login to receive notifications.

Click here to subscribe to Chinacast Education Corporation.
Summary

May 13, 2016 - The court dismissed the case with prejudice.
March 27, 2015 - The lead plaintiff and lead counsel were appointed.

June 17, 2014 - Lead plaintiff motions were filed.

April 18, 2014 - An investor in shares of Chinacast Education Corporation (NASDAQ: CAST now trading on the OTC sheets as CAST) filed a lawsuit in the U.S. District Court for the Southern District of New York against Chinacast Education Corporation over alleged violations of Federal Securities Laws by Deloitte Touche Tohmatsu CPA Ltd, ChinaCast Education Corporation's former auditor, and Deloitte & Touche, LLP in connection with certain allegedly false and misleading statements made between April 18, 2009 and April 19, 2012.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Chinacast Education Corporation (NASDAQ: CAST) between April 18, 2009 and April 19, 2012, that Deloitte Touche Tohmatsu CPA Ltd.'s audit reports concerning ChinaCast Education Corporation falsely stated that Deloitte Touche Tohmatsu CPA Ltd. had followed applicable audit standards, and that Deloitte & Touche, LLP controlled Deloitte Touche Tohmatsu CPA Ltd.

Chinacast Education Corporation reported that its annual total Revenue rose from $183.50 million in 2007 to $514.01 million in 2010 and that is respective net Income increased from $58.66 million to $131.65 million. Shares of Chinacast Education Corporation (NASDAQ: CAST) grew from $2.42 per share in March 2009 to over $7.70 in late 2010.

On April 2, 2012, the NASDAQ stock market halted trading in NASDAQ: CAST stock and on May 8, 2012, Chinacast Education Corporation announced that it received a notification from the staff of The NASDAQ Stock Market LLC (the NASDAQ Staff ) that the NASDAQ Staff has made a determination to delist Chinacast Education Corporation's securities.

Shares of Chinacast Education Corporation (NASDAQ: CAST) declined from $7.71 per share in October 2010, respectively $7.4 per share in early 2011 to as low as $0.1 per share in the end of 2012.

On April 22, 2014, Chinacast Education Corporation (NASDAQ: CAST) shares closed at $0.04 per share.