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Subaye Inc (NASDAQ: SBAY) Investor Securities Class Action Lawsuit 04/15/2011

  • If you purchased shares of Subaye Inc (NASDAQ: SBAY), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Subaye Inc
Security
NASDAQ: SBAY

Case Name
Subaye Shareholder Class Action Lawsuit 04/15/2011
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

December 1, 2011 - The court dismissed the case without prejudice.
September 16, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

June 14, 2011 - Lead plaintiff motions were filed.

April 15, 2011 - An investor in Subaye Inc (NASDAQ: SBAY later trading on the OTC sheets as SBAY) shares filed a lawsuit in the U.S. District Court for the Southern District of New York against Subaye Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges behalf of investors who purchased Subaye Inc (NASDAQ: SBAY) securities between the period of December 29, 2009 to April 7, 2011, that Subaye Inc and its officers and directors violated Federal Securities Laws by issuing between December 29, 2009 to April 7, 2011 materially false and misleading financial statements to investors.

Subaye Inc’s 12months Total Revenue increased from $21.55million to lately $39.14million.

Shares of Subaye Inc (NASDAQ: SBAY) traded during April 2010 over $16 per share and in January 2011 as high as $14.62 per share.

On April 7, 2011 Subaye Inc disclosed more details concerning the resignation of Subaye Inc’s auditor, PricewaterhouseCoopers Hong Kong. PricewaterhouseCoopers Hong Kong identified matters that may materially impact the fairness or reliability of Subaye Inc's quarterly financial information for the three months ended December 31, 2010 and may cause PwC to be unwilling to rely on managements' representations.

On April 8, 2011 the NASDAQ Stock Market® announced that trading was halted in Subaye Inc (NASDAQ: SBAY) for additional information requested from the company at a last sale price of $2.15.