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Chinacast Education Corporation (NASDAQ: CAST) Investor Securities Class Action Lawsuit 05/25/2012

  • If you purchased shares of Chinacast Education Corporation (NASDAQ: CAST), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Chinacast Education Corporation
Security
NASDAQ: CAST

Case Name
Chinacast Education Shareholder Class Action Lawsuit 05/25/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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

October 23, 2015 - The U.S. Court of Appeals for the Ninth Circuit reversed the District Court's order.
December 10, 2012 - The lead plaintiffs filed a notice of appeal.

December 7, 2012 - The court granted defendants' motion to dismiss and dismissed the case with prejudice.

October 15, 2012 - Defendants filed a motion to dismiss.

September 17, 2012 - The lead plaintiffs filed an amended consolidated complaint.

August 22, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

July 25, 2012 - Lead plaintiff motions were filed.

May 25, 2012 - An investor in shares of Chinacast Education Corporation (NASDAQ: CAST now trading on the OTC sheets as CAST) shares filed a lawsuit in the U.S. District Court for the Central District of California against Chinacast Education Corporation over alleged securities laws violations in connection with certain allegedly false and misleading statements made between February 14, 2011 and April 2, 2012.

According to the complaint the plaintiff alleges on behalf of investors who purchased the stock of Chinacast Education Corporation (NASDAQ: CAST) between February 14, 2011 and April 2, 2012, that Chinacast Education Corporation and certain of its officers and directors violated Federal Securities Laws by issuing allegedly false and misleading information to investors about Chinacast Education Corporation’s true financial and business condition. Specifically, the plaintiff alleges that Chinacast Education Corporation issued materially false and misleading financial statements between February 14, 2011 and April 2, 2012 because of undisclosed material weaknesses in Chinacast Education Corporation’s internal controls and the alleged wrongful transfer of $120 million in cash by CEO Chan from bank accounts of Chinacast Education Corporation’s subsidiaries.

On April 2, 2012, the NASDAQ stock market halted trading in Chinacast Education Corporation (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 (NASDAQ: CAST) securities.