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Pingtan Marine Enterprise Ltd (NASDAQ: PME) Investor Securities Class Action Lawsuit 11/24/2014

  • If you purchased shares of Pingtan Marine Enterprise Ltd (NASDAQ: PME), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Pingtan Marine Enterprise Ltd
Security
NASDAQ: PME

Case Name
Pingtan Marine Enterprise Shareholder Class Action Lawsuit 11/24/2014
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

January 16, 2015 - The plaintiff filed a notice of voluntary dismissal without prejudice.
November 24, 2014 - An investor in shares of Pingtan Marine Enterprise Ltd (NASDAQ: PME) filed a lawsuit in the U.S. District Court for the Central District of California against Pingtan Marine Enterprise Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 14, 2013 and November 6, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Pingtan Marine Enterprise Ltd (NASDAQ: PME) common shares between May 14, 2013 and November 6, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the defendants failed to adequately disclose the true nature of material related party transactions that rendered its financial statements materially false and misleading.

Pingtan Marine Enterprise Ltd reported that its annual Total Revenue rose from $67.46 million in 2012 to $122.67 million in 2013 while its respective Net Income declined from $105.79 million to $97.40 million.

Shares of Pingtan Marine Enterprise Ltd (NASDAQ: PME) grew from $1.48 per share in August 2013 to as high as $4.03 per share in March 2014.

Since then Pingtan Marine Enterprise Ltd (NASDAQ: PME) shares lost substantial value.

On November 6, 2014, Pingtan Marine Enterprise Ltd (NASDAQ: PME) announced that Pingtan Marine Enterprise Ltd will restate its previously issued annual financial statements for the years ended December 31, 2013 and 2012, and for the periods ended March 31, 2014 and 2013, and June 2014 and 2013 primarily to reflect 20 fishing vessels leased from a related party pursuant to an operating lease rights agreement at historical cost in property, plant and equipment, clarify certain disclosures, and record other miscellaneous adjustments such as the reclassification of certain balance sheet items and adjustments to depreciation and amortization expense. Pingtan Marine Enterprise Ltd said that the restatement had the effect of reducing total assets by $188 million and stockholder's equity by $187 million at December 31, 2013.

Shares of Pingtan Marine Enterprise Ltd (NASDAQ: PME) declined to as low as $1.11 per share on November 7, 2014 and continued to decline to as low as $1.00 per share on Nov. 20, 2014.