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Subaye Inc (NASDAQ: SBAY) Investor Securities Class Action Lawsuit 07/23/2013

  • 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 07/23/2013
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

January 11, 2017 - The U.S. Court of Appeals for the Second Circuit affirmed the judgement of the district court.
April 13, 2016 - The lead plaintiff filed a notice of appeal.

March 22, 2016 - The court granted defendants' motion to dismiss.

August 20, 2015 - Defendants filed a motion to dismiss.

May 11, 2015 - The lead plaintiff filed another amended consolidated complaint.

March 30, 2015 - The court granted defendants' motion to dismiss.

March 18, 2014 - Defendants filed a motion to dismiss.

December 13, 2013 - The lead plaintiff filed a corrected amended consolidated complaint.

December 2, 2013 - The lead plaintiff filed an amended consolidated complaint.

October 17, 2013 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

September 3, 2013 - Lead plaintiff motions were filed.

July 23, 2013 - An investor in shares of Subaye Inc (NASDAQ: SBAY), filed a lawsuit in the U.S. District Court for the Southern District of New York against DNTW Chartered Accountants LLP over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 29, 2009 and April 7, 2011.

According to the complaint the plaintiff alleges on behalf of investors who purchased the securities of Subaye Inc (NASDAQ: SBAY) during the period from December 29, 2009 to April 7, 2011, that DNTW Chartered Accountants LLP, Subaye's auditor, falsely issued clean audit reports for Subaye Inc's 2009 and 2010 10-Ks that stated that DNTW Chartered Accountants LLP conducted its audits of Subaye Inc in accordance with PCAOB standards.

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’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 management.

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 $2.10.

The plaintiff claims that in reality, nearly all of Subaye Inc's customers and business operations did not exist and that in May 2013, the SEC filed a civil action against Subaye Inc and others, indicating that DNTW Chartered Accountants LLP knowingly issued false audit reports.