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

Pingtan Marine Enterprise Ltd (NASDAQ:PME) Investor Securities Class Action Lawsuit 06/23/2017

  • If you purchased shares of Pingtan Marine Enterprise Ltd (NASDAQ:PME), you may have certain options. Please 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
Pingtan Marine Enterprise Ltd
Security
NASDAQ: PME

Case Name
Pingtan Marine Enterprise Shareholder Class Action Lawsuit 06/23/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern 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 Pingtan Marine Enterprise Ltd.
Summary

August 29, 2019 - The Court of Appeals dismissed the case.

April 30, 2019 - A notice appealing the court's dismissal was filed.

March 31, 2019 - The court granted the defendants' motion to dismiss. The case was dismissed with prejudice.

July 30, 2018 - A motion to dismiss the amended complaint was filed.

May 29, 2018 - An amended complaint was filed.

June 23, 2017 (Shareholders Foundation) - An investor in shares of Pingtan Marine Enterprise Ltd (NASDAQ:PME) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Pingtan Marine Enterprise Ltd in connection with certain allegedly false and misleading statements made between August 8, 2016 and May 10, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Pingtan Marine Enterprise Ltd (NASDAQ:PME) common shares between August 8, 2016 and May 10, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 8, 2016 and May 10, 2017 the defendants made false and/or misleading statements and/or failed to disclose that Pingtan Marine Enterprise Ltd is banned from Indonesia, that Pingtan Marine Enterprise Ltd has used investor capital to finance illegal activity, and that as a result, Pingtan’s public statements were materially false and misleading at all relevant times.

Pingtan Marine Enterprise Ltd reported that its annual Total Revenue declined from $60.70 million in 2015 to $20.54 million in 2016 and that its Net Income of $18.35 million in 2015 turned into a Net Loss of $13.72 million in 2016. Shares of Pingtan Marine Enterprise Ltd (NASDAQ:PME) grew from $0.87 per share in November 2016 to as high as $4.90 per share in early April 2017.

On May 10, 2017, an analyst published a report during business hours asserting that Pingtan Marine Enterprise Ltd concealed its involvement in, among other things, forced labor, illegal fishing, and human trafficking schemes. Shares of Pingtan Marine Enterprise Ltd (NASDAQ:PME) dropped to $2.31 per share on May 10, 2017.

On June 23, 2017, NASDAQ:PME shares closed at $4.04 per share.