Camelot Information Systems Inc (ADS) (NYSE: CIS) Investor Securities Class Action Lawsuit 01/05/2012

If you purchased American Depositary Shares (ADS) of Camelot Information Systems Inc (NYSE: CIS), you might have certain options and should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Camelot Information Systems
Case Name: 
Camelot Information Systems Shareholder Class Action Lawsuit 01/05/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: CIS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/05/2012
Class Period Begin: 
07/21/2010
Class Period End: 
09/28/2011
Class Period Begin: 
07/21/2011
Class Period End: 
08/15/2011
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
03/05/2012
Date Settled: 
12/12/2014
Settlement Amount: 
$2,750,000
Deadline to Participate in Settlement: 
03/31/2015
Summary: 

July 1, 2015 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

December 12, 2014 - The court preliminarily approved the settlement.

April 4, 2014 - Parties filed stipulation of settlement.

March 11, 2013 - Defendants filed a motion to dismiss.

October 1, 2012 - The lead plaintiffs filed a corrected amended complaint.

September 6, 2012 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased American Depositary Shares (ADS) of Camelot Information Systems Inc (NYSE: CIS) issued pursuant or traceable to the IPO Registration Statement for Camelot Information Systems Inc's July 21, 2010 Initial Public Offering (IPO) of its ADS, issued pursuant or traceable to the Secondary Public Offering Registration Statement for Camelot Information Systems Inc's December 10, 2010 Secondary Public Offering (SPO) of its ADS and/or between July 21, 2010 and September 28, 2011. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934.

June 6, 2012 - Lead plaintiffs and lead counsel were appointed.

March 5, 2012 - Lead plaintiff motions were filed.

January 5, 2012 - An investor in American Depositary Shares (ADS) of Camelot Information Systems Inc (NYSE: CIS) filed a lawsuit in the U.S. District Court for the Southern District of New York against Camelot Information Systems Inc over alleged Violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 21 2010 and August 17, 2011.

According to the complaint the plaintiff alleges that behalf of purchasers of Camelot Information Systems Inc ADS between July 21, 2010 and August 17, 2011, including those who acquired Camelot Information Systems Inc ADS pursuant or traceable to Camelot Information Systems Inc's Registration Statements and Prospectuses issued in connection with its July 21, 2010 initial public offering and December 10, 2010 Secondary Offering, that Camelot Information Systems Inc, certain of its officers and directors and the underwriters of the Offerings violated the Securities Act of 1933 and the Securities Exchange Act of 1934.

On July 21, 2010, Camelot Information Systems Inc announced the pricing of its IPO at $11.00 per NYSE: CIS ADS. Subsequently, on December 9, 2010, Camelot Information Systems Inc announced the pricing of its Secondary Offering at $19.50 per NYSE: CIS ADS.

Camelot Information Systems Inc reported that its annual Revenue rose from $51.38 million for 2007 to $192.86 million in 2010 and its Net Income increased over the same time periods from $7.29 million to $18.60 million.

Camelot Information Systems Inc reported that its third quarter Revenue rose from $44.07 million last year to $59.40 million this year. However, its third quarter Net Income fell from $3.37 million to $2.88 million.

Shares of Camelot Information Systems Inc (NYSE: CIS) rose from $10.77 on July 23, 2010 to $26.73 per share on January 7, 2011.

Then on August 15, 2011, so the plaintiff, an article quested several key components of Camelot Information Systems Inc's business. On August 18, 2011, Camelot Information Systems Inc issued a press release announcing its second quarter 2011 unaudited financial results, including guidance for fiscal 2011.

Camelot Information Systems Inc's ADS dropped $2.24 per share to close at $6.32 per share on August 18, 2011.

On November 23, 2011 NYSE: CIS shares traded as low as $1.78 per share. In fact, since January 2011 NYSE: CIS shares lost significantly value and traded recently at about 90% less value than in early 2011.