China Ceramics Co Ltd (NASDAQ: CCCL) Investor Securities Class Action Lawsuit 06/16/2014

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Company Name(s): 
China Ceramics
Case Name: 
China Ceramics Shareholder Class Action Lawsuit 06/16/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: CCCL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/16/2014
Class Period Begin: 
03/30/2012
Class Period End: 
05/01/2014
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
08/15/2014
Date Settled: 
09/01/2015
Settlement Amount: 
$310,000
Deadline to Participate in Settlement: 
12/30/2015
Summary: 

The settlement provides $310,000 in cash and $540,000 worth of shares of China Ceramics Co Ltd common stock.

April 22, 2016 - The court approved the settlement.

September 1, 2015 - The court preliminarily approved the settlement.

July 22, 2015 - Parties filed a stipulation of settlement.

August 26, 2014 - The lead plaintiffs and lead counsel were appointed.

June 16, 2014 - An investor in shares of China Ceramics Co Ltd (NASDAQ: CCCL) filed a lawsuit in the U.S. District Court for the Southern District of New York against China Ceramics Co Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 30, 2012 and May 1, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of China Ceramics Co Ltd (NASDAQ: CCCL) common shares between March 30, 2012 and May 1, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

China Ceramics Co Ltd reported that its annual Total Revenue declined from over $1.49 billion in 2011 to over $1.44 billion in 2012 and that its respective Net Income fell from $294.44 million to $243.83 million. Shares of China Ceramics Co Ltd (NASDAQ: CCCL) grew from $1.53 per share in November 2012 to as high as $3.95 per share in October 2013.

On May 1, 2014, NASDAQ announced that trading in China Ceramics Co Ltd was halted that day for “additional information requested” from China Ceramics Co Ltd.
On that same day, China Ceramics Co Ltd announced, among other things, that on April 30, 2014, China Ceramics Co Ltd terminated the engagement of Grant Thornton as its principal independent registered public accountants, that following the decision to terminate Grant Thorton, William L. Stulginsky tendered his resignation as an independent director and Chairman of the Audit Committee, that the audit of China Ceramics Co Ltd, that China Ceramics Co Ltd is unable to timely file its Annual Report on Form 20-F for the year ended December 31, 2013, and that during the preparation of its 2013 financial statements China Ceramics Co Ltd identified a write down of assets for the fourth quarter resulting from unused capacity at its Hengdali facility, which is currently estimated to be $7.5 million.

The plaintiff says that since trading in China Ceramics Co Ltd (NASDAQ: CCCL) stock remains halted its shares are illiquid and virtually worthless.