The settlement includes: If you purchased (a) common stock of Keyuan Petrochemicals Inc during the period from August 16, 2010 through October 7, 2011, inclusive and/or (b) Keyuan Petrochemicals Inc securities pursuant to the confidential private offering memorandum dated March 22, 2010, consisting of purchasers in the first tranche that closed on April 22, 2010 and the second tranche that closed on May 18, 2010.

November 4, 2016 - The court ordered the authorization of the distribution of the net settlement fund.

October 9, 2015 - The court approved the settlement and the plan of allocation, and entered the order approving the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

June 29, 2015 – The court preliminarily approved the settlement.

May 12, 2015 - Parties filed a stipulation of settlement.

August 8, 2014 - The court denied the defendant's motion to dismiss.

August 13, 2013 - The lead plaintiff and lead counsel were appointed of private placement class.

July 22, 2013 - A named plaintiff filed a motion for appointment of counsel and lead plaintiff of private placement class.

June 14, 2013 - The defendants filed a motion to dismiss.

May 20, 2013 - The lead plaintiff filed a third amended complaint.

May 9, 2013 - The court granted in part and denied in part the defendants motions to dismiss.

February 27, 2013 - The defendants filed another motion to dismiss.

January 23, 2013 - The defendants filed a motion to dismiss.

November 26, 2012 - The lead plaintiff filed a second amended complaint.

July 27, 2012 - The defendants filed a motion to dismiss.

May 29, 2012 - The lead plaintiff filed an amended consolidated complaint.

March 29, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

November 15, 2011 - An investor in shares of Keyuan Petrochemicals Inc (NASDAQ: KEYP now trading on the OTC sheets as KEYP) filed a lawsuit in the U.S. District Court for the Central District of California against Keyuan Petrochemicals Inc over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of investors who purchased the common stock Keyuan Petrochemicals Inc during the period from August 16, 2010 through October 7, 2011, that Keyuan Petrochemicals Inc and certain of its officers and directors violated Federal Securities Laws by issuing materially false and misleading financial information.
While Keyuan Petrochemicals Inc did not report any significant Total Revenue between 2006 and 2009 Keyuan Petrochemicals Inc reported for the first three quarters in 2010 a combined nine months Total Revenue of $400.71million with a combined nine months Net Income of $18.54million.

Specifically, the plaintiff claims that between August 16, 2010 and October 7, 2011 Keyuan Petrochemicals Inc failed to properly disclose material related party transactions that rendered Keyuan Petrochemicals Inc's periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”) false and misleading.

Prior to market open on April 1, 2011 trading in Keyuan Petrochemicals Inc’s stock was halted. Thereafter, Keyuan Petrochemicals Inc issued a press release announcing that it would not be able to timely release its financial results for the fiscal year ended December 31, 2010. The announcement also revealed that “the accounting review conducted to date had identified various concerns” that prompted the Company’s audit committee to undertake an independent investigation. Later the same day, Keyuan Petrochemicals Inc filed an 8-K with the U.S. Securities and Exchange Commission (“SEC”) under item 4.02 entitled “Non-Reliance on Previously Issued Financial Statements.” According to the 8-K, Keyuan Petrochemicals Inc’s auditors informed Keyuan Petrochemicals Inc “that there is a possibility that we may be required to make certain adjustments to certain of our previously issued financial statements, and that such previously issued financial statements may not be relied upon .

Then on October 6, Keyuan Petrochemicals Inc said on October 5, 2011, it received a letter from the Listing Qualifications Hearings Department of the NASDAQ Stock Market LLC stating that the NASDAQ Stock Market LLC Hearings Panel has exercised its discretionary authority pursuant to NASDAQ Listing Rule 5101 to delist the Company’s securities from the NASDAQ Stock Market and will suspend trading in the Company’s shares effective at the open of business on Friday, October 7, 2011.

Keyuan Petrochemicals Inc said that this will terminate the trading halt imposed by NASDAQ and will result in the Keyuan Petrochemicals Inc’s shares trading on the over-the-counter market.