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SmartHeat Inc (NASDAQ: HEAT) Investor Securities Class Action Lawsuit 08/31/2012

  • If you purchased shares of SmartHeat Inc (NASDAQ: HEAT), 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
SmartHeat Inc
Security
NASDAQ: HEAT

Case Name
SmartHeat Shareholder Class Action Lawsuit 08/31/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 18, 2015 - The court ordered the case is discontinued because of the received notification from the parties that they have reached a settlement in principle.
October 7, 2013 - The court denied the defendants' motion to dismiss.

Mai 8, 2013 - Defendants filed a motion to dismiss.

April 8, 2013 - The lead plaintiff filed a second amended complaint.

April 1, 2013 - Defendants filed motions to dismiss.

February 6, 2013 - The lead plaintiff filed a corrected amended complaint.

January 28, 2013 - The lead plaintiff filed an amended complaint.

December 14, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

November 5, 2012 - Lead plaintiff motions were filed.

January 28, 2013 - The lead plaintiff filed an amended complaint on behalf of investors who purchased SmartHeat Inc (NASDAQ: HEAT) common shares between February 24, 2010 and May 30, 2012. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 24, 2010 and May 30, 2012.

August 31, 2012 - An investor in shares of SmartHeat Inc (NASDAQ: HEAT) filed a lawsuit in the U.S. District Court for the Southern District of New York against SmartHeat Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 24, 2010 and May 3, 2010.

According to the complaint the plaintiff alleges on behalf of investors who purchased common stock of SmartHeat Inc (NASDAQ: HEAT) between February 24, 2010 and May 3, 2010, that SmartHeat Inc and certain of its officers and directors violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that SmartHeat Inc's Chief Executive Officer, James Jun Wang, sold $23 million of his shares between February 24, 2010 through May 3, 2010 in violation of several SEC rules and that this rapid sale of NASDAQ: HEAT stock onto the market caused its stock price to plummet.

On May 30, 2012, SmartHeat Inc (NASDAQ: HEAT) announced that its Chairman of the Board of Directors, President and Chief Executive Officer of SmartHeat Inc, Xudong Wang, Vice President of Strategy, and Zhijuan Guo, Chief Financial Officer, resigned from their respective positions with SmartHeat Inc, the U.S. Holding company incorporated in Nevada. SmartHeat Inc also announced that, to meet immediate cash needs , it would take out a $1.0 million revolving line of credit.

That same day, the NASDAQ stock market halted trading in HEAT stock. The NASDAQ stock market indicated that trading would remain halted until HEAT fully satisfied NASDAQ's request for further information.