Bluenrgy Group Ltd (OTCMKTS: CBDEF) Investor Securities Class Action Lawsuit 09/06/2016

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Company Name(s): 
Bluenrgy Group
Case Name: 
Bluenrgy Group Shareholder Class Action Lawsuit 09/06/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
OTCMKTS: CBDEF
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/06/2016
Class Period Begin: 
06/13/2014
Class Period End: 
10/24/2014
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
11/07/2016
Date Settled: 
04/20/2017
Settlement Amount: 
$1,500,000
Deadline to Participate in Settlement: 
06/29/2017
Summary: 

April 20, 2017 - The court preliminarily approved the settlement.

April 14, 2017 - Parties filed a stipulation of settlement.

February 15, 2017 - Cases were consolidated.

September 6, 2016 - An investor in shares of Bluenrgy Group Ltd (OTCMKTS: CBDEF) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Bluenrgy Group Ltd, formerly CBD Energy Limited, in connection with certain allegedly false and misleading statements made between June 13, 2014 and October 24, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Bluenrgy Group Ltd (OTCMKTS: CBDEF) common shares between June 13, 2014 and October 24, 2014, that the defendants violated Federal Securities Laws.

On October 24, 2014, Bluenrgy Group Ltd, formerly CBD Energy Ltd, announced that its previously issued audited financial statements for the fiscal years 2012 and 2013 and interim financial statements for the six months ended December 31, 2013 cannot be relied upon by investors. According to Bluenrgy Group Ltd, certain related-party transactions involving its Executive Chairman and Managing Director, Mr. McGowan, were not accurately disclosed in its financial statements. Bluenrgy Group Ltd said that its the Audit Committee determined that the interim financial statements as of and for the six months ended December 31, 2013 should no longer be relied on because of uncertainty about any expectation of realizing full (or any) value of a deposit of approximately $680,000 made in December, about the adequacy of disclosures regarding goodwill and the possibility of recognizing an impairment, about the capitalization of certain payments related to the costs of issuing retail bonds in the United Kingdom, and about classification of certain expenses