The settlement includes persons who purchased Puda Coal Inc common stock, purchased Puda Coal Inc call options, or sold Puda Coal Inc put options during the period December 8, 2010 through and including April 11, 2011.
The Class Action complaint asserts securities law claims against Puda Coal Inc, Zhao, Macquarie, Brean, the U.S. Directors, Moore Stephens Hong Kong and Moore Stephens, P.C. (the “Auditor Defendants”), and three additional Puda Coal Inc Officers.

The settlement amount of $8,700,000 consists of:
- $7,400,000 to be paid by Macquarie;
- $1,200,000 to be paid by Brean;
- $100,000 to be paid by the U.S. Directors and assign certain claims against their insurance company, PICC.

June 22, 2016 - The court approved the settlement.

February 19, 2016 - The court preliminarily approved the settlement.

December 1, 2015 - Lead plaintiffs and certain defendants filed a stipulation of settlement.

October 17, 2015 - Lead plaintiffs and a certain defendant filed a stipulation of settlement.

October 16, 2015 - Lead plaintiffs and certain defendants filed a stipulation of settlement.

November 20, 2014 - The court denied the plaintiffs' motion for default judgment.

November 4, 2014 - The court consolidated 11 cases, assigned the lead case, and terminated the member cases.

October 2, 2014 - The court denied the defendant's motion for reconsideration of the February 21, 2014 order.

October 1, 2014 - The plaintiffs filed motion to certify class, appoint class representatives, certify Securities Act subclasses and Its class representatives, and reappoint class counsel.

September 25, 2014 - The U. S. Court of Appeals for the Second Circuit issued mandate granting the movant's motion to withdraw the notice of appeal.

July 14, 2014 - The court denied the underwriters' motions to dismiss.

July 7, 2014 - The lead plaintiffs filed a motion for default judgment.

May 21, 2014 - The underwriters filed a motion to dismiss.

April 21, 2014 - The lead plaintiffs and class representatives filed a second amended consolidated and supplemental complaint on behalf of investors who purchased Puda Coal Inc (AMEX: PUDA) common shares and call options, or sold Puda put options between November 13, 2009 and April 8, 2011, inclusive, and on behalf of investors who purchased Puda shares in or traceable to the public offering on December 8, 2010 and did not sell those shares prior to April 8, 2011. The plaintiffs allege that the defendants violated the Securities Act of 1933 & the Securities Exchange Act of 1934 by issuing false and misleading statements between November 13, 2009 and April 8, 2011.

April 2, 2014 - The U.S. Court of Appeals for the Second Circuit granted the movant's appeal of the October 1, 2013 order denying movant's motion to intervene.

March 6, 2014 - The defendants filed a motion for reconsideration of the February 21, 2014 order.

February 28, 2014 - The lead plaintiffs filed a consolidated amended complaint.

February 21, 2014 - The court granted the lead plaintiffs' motion to amend/correct and granted the motion for leave to file a consolidated amended complaint.

January 6, 2014 - The lead plaintiffs filed a motion to amend/correct motion for leave to amend to file a consolidated amended complaint.

October 28, 2013 - The movant filed a notice of appeal from the October 1, 2013 order.

October 1, 2013 - The court granted the defendants' motion for summary judgment and denied plaintiffs leave to amend and denied a movant's motion to intervene.

May 30, 2013 - The defendants filed a motion for summary judgment.

March 18, 2013 - The court granted in part and denied in part the defendants' motion to dismiss.

June 1, 2012 - Defendants filed a motion to dismiss.

February 9, 2012 - Lead plaintiffs filed a corrected amended consolidated complaint.

January 27, 2012 - Lead plaintiffs field an amended consolidated complaint on behalf of investors who purchased Puda Coal Inc common stock (AMEX: PUDA) between November 13, 2009 and October 3, 2011. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 13, 2009 and October 3, 2011.

December 6, 2011 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

June 13, 2011 - Lead plaintiff motions were filed.

April 19, 2011 - Another investor filed an additional complaint.

April 18, 2011 - Another investor filed a complaint.

April 14, 2011 - After Puda Coal Inc stock dropped 50% stock drop within a few days and trading was halted an investor in Puda Coal Inc (AMEX: PUDA now trading on the OTC sheets as PUDA) filed a lawsuit in the U.S. District Court for the Southern District of New York against Puda Coal Inc and certain of its officers and executives over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 13, 2009 and April 11, 2011.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of Puda Coal Inc. (AMEX: PUDA) between November 13, 2009 and April 11, 2011, that Puda coal Inc and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose material adverse facts about its true financial condition, business and prospects.

Puda Coal Inc’s 12 months Total Revenue increased from $165.27 million in 2007 to $324.82 million in 2010. Its Net Income rose over the same time frame from $10.87 million to $23.53 million.

Shares of Puda Coal Inc (AMEX: PUDA) increased from as low as $4.90 during February 2010 to as high as $15.41 during December 2010.

PUDA shares fell from over $12 at the end of March 2011 to $6 per share on April 8 when a report surfaced on an investor website the same day alleging that “Puda Coal Chairman secretly sold half the Company and pledges the other half to Chinese PE investors.”

According to the report certain company transfers were hidden from its U.S. investors that were not reported in its SEC filings or offering documents.

The report said that beginning in Fall 2009 Puda Coal Inc Chairman Ming Zhao allegedly transferred Shaxi Coal, Puda’s sole Chinese operating subsidiary, to himself through a series of transactions. The report states that in July 2010, Zhao sold 49% of his interest in Shanxi Coal to a private equity firm for RMB245 million ($37.1 million) and pocketed the proceeds. Zhao’s remaining 51% interest was pledged as security so the company could obtain a three year loan from the private equity firm for RMB 2.5 billion ($379 million). The report states that Zhao attempted to secretly return a portion of Shanxi Coal to its rightful owner by transferring his remaining interest to subsidiaries controlled by the company. As a result of these transactions, the report concludes the company’s audited financial statements for 2009 and 2010 are false and misleading and that Puda Coal is alleged to have been an empty shell. On April 8, 2011 Puda Coal said it was reviewing them and would provide a formal response as soon as practicable.

On April 11, 2011, Puda Coal Inc issued a further statement that the Audit Committee of its Board of Directors had launched a full investigation into the allegations raised in the recent article. Although the investigation is only in its preliminary stages Puda Coal said that “evidence supports the allegation that there were transfers by Mr. Zhao in subsidiary ownership that were inconsistent with disclosure made by the Company in its public securities filings.” Further the company said it has retained professionals in the United States and China to assist in the investigation and that Mr. Zhao, the Chairman of Puda Coal Inc, has agreed to a voluntary leave of absence as Chairman of the Board until the investigation is complete.

The New York Stock Exchange has halted trading in Puda Coal Inc’s stock.