China Shenghuo Pharmaceutical Holdings Inc (AMEX: KUN) Investor Securities Class Action Lawsuit 08/21/2008

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Company Name(s): 
China Shenghuo Pharmaceutical Holdings
Case Name: 
China Shenghuo Pharmaceutical Holdings Shareholder Class Action Lawsuit 08/21/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
AMEX: KUN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/21/2008
Class Period Begin: 
08/16/2007
Class Period End: 
08/19/2008
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
10/22/2008
Date Settled: 
11/16/2010
Settlement Amount: 
$800,000
Deadline to Participate in Settlement: 
05/17/2011
Summary: 

March 18, 2011 - The court held a final settlement hearing and approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys' fees and expenses and issued an order and judgment.

November 16, 2010 - The court preliminarily approved the settlement.

November 12, 2010 - Parties filed a corrected stipulation of settlement.

November 4, 2010 - Parties filed a stipulation of settlement.

December 9, 2009 - The court denied the defendants' motions to dismiss.

June 2, 2009 - More defendants filed a motion to dismiss.

May 29, 2009 - A defendant filed a motion to dismiss.

February 9, 2009 - The lead plaintiff filed an amended consolidated complaint.

December 10, 2008 - The lead plaintiff and lead counsel were appointed.

October 22, 2008 - Lead plaintiff motions were filed.

September 26, 2008 - All cases were consolidated.

August 21, 2008 - An investor in shares of China Shenghuo Pharmaceutical Holdings Inc (AMEX: KUN) filed a lawsuit in the U.S. District Court for the Southern District of New York against China Shenghuo Pharmaceutical Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 23, 2007 and August 20, 2008.

According to the complaint the plaintiff charges China Shenghuo Pharmaceutical Holdings Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934.

The complaint charges that China Shenghuo Pharmaceutical Holdings Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the 1934 Act by issuing materially false and misleading statements pertaining to China Shenghuo Pharmaceutical Holdings Inc's business prospects and condition, and filing materially false financial statements with the SEC. On August 20, 2008, China Shenghuo Pharmaceutical Holdings Inc announced that its previously issued financial statements for the fiscal periods ended June 30, September 30, and December 30, 2007 and fiscal quarter ended March 31, 2008, should no longer be relied upon and would be restated due to certain accounting errors, internal control issues and related matters. News that China Shenghuo Pharmaceutical Holdings Inc’s financial statements must be restated caused China Shenghuo Pharmaceutical Holdings Inc’s (AMEX: KUN) stock to fall approximately 25% damaging investors.