China Organic Agriculture Inc. Case 12/12/2008

If you purchased on the OTC Bulletin Board the common stock of China Organic Agriculture, Inc. (“China Organic” or the “Company”) from July 12, 2007 through and including August 14, 2008 (the “Class Period”), you could receive a payment from settlement of this class action.

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Company Name(s): 
China Organic Agriculture
Case Name: 
China Organic Agriculture Inc. Case 12/12/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
OTC: CNOA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/12/2008
Class Period Begin: 
07/12/2007
Class Period End: 
08/14/2008
Court of Filing: 
United States District Court for the Southern District of New York
Deadline To File for Lead: 
02/11/2009
Date Settled: 
09/16/2010
Settlement Amount: 
$600,000
Deadline to Participate in Settlement: 
12/15/2010
Settlement Notice: 
application/pdf iconnotice_china_organic_2010.pdf
Settlement Proof: 
application/pdf iconproof_china_organic_2010.pdf
Summary: 

AUGUST 2010 - Counsel for the Company and counsel for the Plaintiff Class entered into a Stipulation and Agreement of Settlement which has been submitted for approval by the Court. Under the terms of the settlement, eligible class members would receive a total of $300,000 in cash together with shares of China Organic Agriculture’s common stock having a value of $300,000 in exchange for a release of all claims which class members have or may have against the Company, its directors, officers, affiliates, shareholders and agents, except claims arising out of or related to the settlement.

DECEMBER 2008 - On December 12, 2008, a shareholder of China Organic Agriculture, Inc.( OTC:CNOA) filed a proposed securities class action lawsuit on behalf of those investors who acquired the securities of China Organic Agriculture, Inc.( OTC:CNOA) during the period July 12, 2007 to August 14, 2008, in the United States District Court for the Southern District of New York, against China Organic Agriculture, Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that China Organic Agriculture, Inc OTC:CNOA) and certain of its officers and directors violated the sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading statements during the period July 12, 2007 to August 14, 2008, designed to inflate the price of the China Organic Agriculture, Inc ’s stock. The stockholder alleges that insiders sold tens of millions of dollars worth of China Organic Agriculture, Inc stock during the period July 12, 2007 to August 14, 2008, acquired for themselves a luxury retreat in California, sold off the China Organic Agriculture, Inc ’s only significant operation and within eighteen months of taking the Company public left only an empty shell and huge shareholder losses.