China Integrated Energy Inc (NASDAQ: CBEH) Investor Securities Class Action Lawsuit 03/25/2011

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Company Name(s): 
China Integrated Energy
Case Name: 
China Integrated Energy Shareholder Class Action Lawsuit 03/25/2011
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: CBEH
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/25/2011
Class Period Begin: 
03/31/2010
Class Period End: 
04/21/2011
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
05/24/2011
Date Settled: 
02/03/2016
Settlement Amount: 
$2,100,000
Deadline to Participate in Settlement: 
06/01/2016
Summary: 

The Settlement includes all persons and entities who purchased or otherwise acquired the common stock of China Integrated Energy Inc between March 31, 2010 through April 21, 2011, including persons or entities that purchased common stock pursuant and/or traceable to the Company’s Registration Statement, effective May 19, 2010, and the Prospectuses issued in connection with the Company’s Secondary Offerings on or about December 28, 2010 through January 7, 2011.

This settlement is separate from the previously announced partial settlement of this action with the outside auditor of China Integrated Energy Inc.

June 22, 2017 - The court ordered the authorization of the distribution of the net settlement fund.

July 25, 2016 - The court approved the settlement.

February 3, 2016 - The court preliminarily approved the settlement.

December 9, 2015 - Parties filed a stipulation of settlement.

August 31, 2015 - The court approved the settlement with one defendant and dismissed the action against that defendant with prejudice.

February 17, 2015 - The court preliminarily approved partial settlement with an outside auditor defendants. The litigation against the remaining defendants continues.

October 7, 2014 - Parties filed a stipulation of settlement.

April 22, 2013 - The court denied the defendants' motions to dismiss.

January 14, 2013 - More defendants filed motions to dismiss.

July 12, 2012 - The court denied the defendants' motion to dismiss.

April 2, 2012 - The court denied the defendants' motion to dismiss.

February 22, 2012 - Another defendant filed a motion to dismiss.

January 12, 2012 - Defendants filed a motion to dismiss.

December 20, 2011 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased China Integrated Energy Inc (NASDAQ: CBEH) common shares between March 31, 2010 and April 21, 2011, including persons or entities that purchased common stock pursuant and/or traceable to the registration statement, effective May 19, 2010, and the prospectuses issued in connection with the secondary offerings on or about December 28, 2010 through January 7, 2011. 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 March 31, 2010 and April 21, 2011.

August 29, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

May 24, 2011 - Lead plaintiff motions were filed.

May 6, 2011 - The plaintiff filed a first amended consolidated complaint.

March 31, 2011 - Another investor filed a complaint.

March 25, 2011 - An investor in shares of China Integrated Energy Inc (NASDAQ: CBEH now trading on the OTC sheets as CBEH) filed a lawsuit in the U.S. District Court for the Central District of California against China Integrated Energy over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 31, 2010 and March 16, 2011.

According to the complaint the plaintiff alleges that China Integrated Energy Inc (NASDAQ: CBEH) violated the Securities Exchange Act of 1934 by issuing between March 31, 2010 and March 16, 2011 materially false and misleading financial statements to investors because it concealed related-party transactions.

China Integrated Energy Inc’s 12 months Total Revenue went from $87.10 million in 2007 to $438.68 million in 2010. Its Net Income over the same time frame surged from $8.58 million to $53.82 million.

Shares of China Integrated Energy Inc (NASDAQ: CBEH) traded during 2009 as low as $5.07 and increased during 2010 to $11.74 on April 30, 2010. Since then CBEH shares lost value and traded in the first months in 2011 around $6 per share. On March 10 and March 14 news reports picked up China Integrated Energy’s fourths quarter reports along with its substantial increase in quarterly Net Income and Revenue.

Then on March 16, 2011, Sinclair Upton Research issued a report alleging that China Integrated Energy Inc concealed numerous “fraudulent acquisitions” between China Integrated Energy Inc and certain of its officers and directors that had the effect of funneling cash to these officers and directors. Furthermore, the report alleges that China Integrated Energy Inc misrepresented its financial performance, including “fabricating its SEC financial statements.”

Following the report shares of China Integrated Energy Inc (NASDAQ: CBEH) declined on March 17 to as low as $3.80 per share. On March 28, 2011 China Integrated Energy (NASDAQ: CBEH) shares traded as low as $2.50 per share and closed at $2.66 per share.