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If you purchased shares of Deer Consumer Products Inc (NASDAQ: DEER), you might have certain options and should contact the Shareholders Foundation, Inc.
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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
Settlement Overview
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August 9, 2013 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
March 22, 2013 - The court preliminarily approved the settlement.
December 21, 2012 - Parties filed a stipulation of settlement.
October 21, 2011 - The defendants filed a motion to dismiss.
September 6, 2011 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased shares of Deer Consumar Products Inc (OTC: DEER) between August 13, 2009 to March 21, 2011. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 13, 2009 to March 21, 2011.
July 21, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
June 28, 2011 - Lead plaintiff motions were filed.
April 29, 2011 - An investor in shares of Deer Consumer Products Inc (NASDAQ: DEER now trading on the OTC sheets as DEER)filed a lawsuit in the U.S. District Court for the Central District of California against Deer Consumer Products Inc over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges on behalf of investors who purchased common stock of Deer Consumer Products Inc (NASDAQ: DEER) from March 31, 2009 to July 16, 2009 and (OTC: DEER) from July 17, 2009 to March 21, 2011, that Deer Consumer Products Inc misrepresented its financial performance, business prospects, and financial condition to investors, citing inconsistent Chinese regulatory filings.
Deer Consumer Products Inc reported a substantial increase in its 12months Total Revenue from $33.48million in 2007 to $175.85million in 2010. Its Net Income surged from $3.42million in 2007 to $30.35million in 2010.
Shares of Deer Consumer Products Inc (NASDAQ: DEER and after July 17, 2009 OTC: DEER) traded during 2009 as high as $18.07 per share but fell during 2010 to as low as $7.47 per share. In the second half of 2010 and the first months in 2011 Deer Consumer Products Inc shares traded relative consistently at roughly $11 per share.
Shares of Deer Consumer Products Inc (OTC: DEER) fell from roughly $11 to $6.57 on April 6, 2011. Since then Deer Consumer Products Inc shares regained some value and closed trading on Friday, April 29, 2011 at $10.14 per share.
The Complaint also alleges that Deer Consumer Products Inc improperly recognized revenue in violation of Generally Accepted Accounting Principles ( GAAP ).
The plaintiff alleges that on March 9, 14, and 17, 2011, analyst “Alfred Little” had issued a series of reports disclosing defendants' alleged fraud.
However, on May 2, 2011, Deer Consumer Products Inc (OTC: DEER) announced that it is issuing a warning concerning evidence of illegal short selling of Deer Consumer Products Inc stock by Alfred Little and others, and that it is seeking sanctions against the law firm that filed the above mentioned lawsuit if the complaint is not withdrawn in its entirety.