China Organic Agriculture Inc (OTC: CNOA) Investor Securities Class Action Lawsuit 12/12/2008

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Company Name(s): 
China Organic Agriculture
Case Name: 
China Organic Agriculture Shareholder Class Action Lawsuit 12/12/2008
Case Status: 
Lawsuit Filed
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: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
02/11/2009
Date Settled: 
12/07/2010
Settlement Amount: 
$600,000
Deadline to Participate in Settlement: 
12/15/2010
Summary: 

December 7, 2010 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

June 8, 2010 - Parties filed a stipulation of settlement and the court preliminarily approved the settlement.

August 11, 2009 - The lead plaintiffs and lead counsel were appointed.

February 10, 2009 - Lead plaintiff motions were filed.

December 12, 2008 - An investor in shares of China Organic Agriculture Inc (OTC: CNOA) filed a lawsuit in the U.S. District Court for the Southern District of New York against China Organic Agriculture Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 12, 2007 to August 14, 2008.

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 (OTC: CNOA) 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 China Organic Agriculture Inc public left only an empty shell and huge shareholder losses.