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Puda Coal Inc (AMEX: PUDA) Investor Securities Class Action Lawsuit 04/08/2013

  • If you purchased shares of Puda Coal Inc (AMEX: PUDA), you might have certain options and should 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

Company
Puda Coal, Inc
Security
NYSE: PUDA

Case Name
Puda Coal Shareholder Class Action Lawsuit 04/08/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

March 13, 2014 - The court ordered the case closed.
March 11, 2014 - The court granted the defendant's motion to dismiss.

November 5, 2013 - Defendant filed a motion to dismiss.

April 8, 2013 - An investor in shares of Puda Coal Inc (AMEX: PUDA) filed a lawsuit in the U.S. District Court for the District of New York against CITIC Trust Company Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 15, 2010
and October 3, 2011.

CITIC Trust Company Ltd is the largest Chinese private equity fund and merchant bank, which, by means of a transfer of 49% ownership interest and a 51 % pledge as security for a loan, now controls Puda Coal Inc's sole operating subsidiary and its only source of revenues.

The complaint alleges the defendants conspired with Puda Coal Inc’s chairman to transfer control of Puda Coal Inc’s most-important asset to insiders, leaving Puda Coal Inc an empty shell company without operations or revenue.

After transferring the company, Shanxi Puda Coal Group Co., Puda Coal Inc sold shares to investors who lost hundreds of millions of dollars when the fraud became public, the investor, Thomas Tarsavage.