Ambow Education Holding Ltd (ADR) (NYSE: AMBO) Investor Securities Class Action Lawsuit 06/11/2012

If you purchased American Depositary Shares (ADS) of Ambow Education Holding Ltd (NYSE: AMBO), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Ambow Education
Case Name: 
Ambow Education Shareholder Class Action Lawsuit 06/11/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: AMBO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/11/2012
Class Period Begin: 
08/05/2010
Class Period End: 
02/27/2013
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
08/10/2012
Date Settled: 
12/02/2014
Settlement Amount: 
$1,500,000
Deadline to Participate in Settlement: 
02/16/2015
Summary: 

March 16, 2015 - The court approved the settlement, the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

December 2, 2014 - The court preliminarily approved the settlement.

October 24, 2014 - Parties filed a stipulation of settlement.

February 6, 2014 - The court granted the motions to dismiss with leave to amend.

October 7, 2013 - Defendants filed motions to dismiss.

August 15, 2013 - The court strikes defendants' motion to dismiss.

June 3, 2013 - Defendants filed a motion to dismiss.

May 3, 2013 - The lead plaintiff filed a second amended consolidated complaint on behalf of investors who purchased American Depositary Shares of Ambow Education Holding Ltd (NYSE: AMBO) between August 5, 2010 and February 27, 2013. The plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between August 5, 2010 and February 27, 2013.

February 19, 2013 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased American Depositary Shares of Ambow Education Holding Ltd (NYSE: AMBO) between August 5, 2010 and July 5, 2012. The plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between August 5, 2010 and July 5, 2012.

November 19, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 8, 2012 - Another lead plaintiff motion was filed.

September 26, 2012 - The court denied the lead plaintiff motion without prejudice.

August 10, 2012 - One lead plaintiff motion was filed.

June 11, 2012 - An investor in American Depositary Shares (ADS) of Ambow Education Holding Ltd (NYSE: AMBO now trading on the OTC sheets as AMBOY) filed a lawsuit in the U.S. District Court for the Central District of California against Ambow Education Holding Ltd over alleged Violations of Federal Securities Laws in connection with certain statements.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased ADS of Ambow Education Holding Ltd (NYSE: AMBO) between May 18, 2011 and May 16, 2012, that Ambow Education Holding Ltd and certain of its executive officers violated federal securities laws by issuing allegedly false and/or misleading statements, as well as allegedly failing to disclose material adverse facts about Ambow Education Holding Ltd’s business, operations and prospects.

Ambow Education Holding Ltd reported that its annual Revenue rose from $489.94million in 2008 to $1.66billion in 2011. However its Net Income fell from $216.03million in 2010 to $21.18million in 2011.

Shares of Ambow Education Holding Ltd (ADR) (NYSE: AMBO) rose in the end of December 2010 to as high as $13.92 per share.

Since then NYSE: AMBO shares lost significantly value.

Then on April 30, 2012, Ambow Education Holding Ltd announced that it would be unable to timely file its Annual Report on Form 20-F with the SEC for the 2011 fiscal year. Thereafter, on May 16, 2012, Ambow Education Holding Ltd disclosed that the Company was further delaying the filing of its 2011 Annual Report and that the Company had identified certain preliminary adjustments to its previously issued 2011 unaudited financial statements.

NYSE: AMBO shares closed on June 1, 2012 as low as $4.06 per share.