China Auto Logistics Inc. (NASDAQ: CALI) Investor Securities Class Action Lawsuit 06/05/2018

If you purchased shares of China Auto Logistics Inc. (NASDAQ: CALI), you have certain options and for certain investors are short and strict deadlines running. Deadline: August 6, 2018. NASDAQ: CALI investors 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): 
China Auto Logistics
Case Name: 
China Auto Logistics Shareholder Class Action Lawsuit 06/05/2018
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: CALI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/05/2018
Class Period Begin: 
03/28/2017
Class Period End: 
04/13/2018
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
08/06/2018
Summary: 

An investor in shares of China Auto Logistics Inc. (NASDAQ: CALI) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by China Auto Logistics Inc. in connection with certain allegedly false and misleading statements made between March 28, 2017 and April 13, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of China Auto Logistics Inc. (NASDAQ: CALI) common shares between March 28, 2017 and April 13, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 28, 2017 and April 13, 2018, the defendants made false and/or misleading statements and/or failed to disclose that China Auto failed to maintain adequate internal controls over identifying and reporting certain relationships and related transactions, and that as a result, defendants’ public statements were materially false and misleading at all relevant times.

China based China Auto Logistics Inc., together with its subsidiaries, sells and trades in imported automobiles in the People's Republic of China. China Auto Logistics Inc. reported that its annual Total Revenue rose from over 446.34 billion in 2015 to over 467.06 billion in 2016 and that its Net Loss over 12.01 billion in 2015 turned into a Net Income of over $3.98 billion in 2016.

On April 2, 2018, China Auto Logistics Inc. reported that it was unable to timely file its Annual Report on Form 10-K for the period ended December 31, 2017 because it needed extra time to “identify certain related party transactions and the impact of such transactions for the preparation of the financial statements for the Form 10-K.” The company also identified a material weakness in its internal controls over “identifying and reporting certain relationships and related transactions.”