ChinaCache International Holdings Ltd (ADR) (NASDAQ: CCIH) Investor Securities Class Action Lawsuit 10/09/2015

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Company Name(s): 
ChinaCache International Holdings
Case Name: 
ChinaCache International Holdings Shareholder Class Action Lawsuit 10/09/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: CCIH
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/09/2015
Class Period Begin: 
03/27/2015
Class Period End: 
08/20/2015
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
12/08/2015
Date Settled: 
04/30/2018
Settlement Amount: 
$990,000
Deadline to Participate in Settlement: 
07/24/2018
Summary: 

April 30, 2018 - The court preliminarily approved the settlement.

March 27, 2018 - Parties filed a stipulation of settlement.

March 6, 2017 - The lead plaintiff filed a notice of appeal.

March 1, 2017 - The court dismissed the case with prejudice.

January 9, 2017 - The court granted defendants' motion to dismiss without prejudice with leave to amend.

October 14, 2016 - Defendants filed a motion to dismiss.

September 14, 2016 - The lead plaintiff filed a second amended complaint.

August 15, 2016 - The court granted defendants' motion to dismiss without prejudice with leave to amend.

April 4, 2016 - Defendants filed a motion to dismiss.

February 19, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased ChinaCache International Holdings Ltd (ADR) (NASDAQ: CCIH) common shares between March 27, 2015 and August 20, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 27, 2015 and August 20, 2015.

January 5, 2016 - Lead plaintiff and lead counsel were appointed.

December 8, 2015 - Lead plaintiff motions were filed.

October 9, 2015 - An investor in shares of ChinaCache International Holdings Ltd (ADR) (NASDAQ: CCIH) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by ChinaCache International Holdings Ltd in connection with certain allegedly false and misleading statements made between April 11, 2015 and August 20, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of ChinaCache International Holdings Ltd (ADR) (NASDAQ: CCIH) common shares between April 11, 2015 and August 20, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 11, 2015 and August 20, 2015 issued materially false and misleading statements to investors and/or failed to disclose that the platform migration to High Performance Cloud Cache was not successful, that the platform migration to High Performance Cloud Cache posed the risk of a negative impact on the Company’s financial performance, that as a result of the unsuccessful migration, the Company’s revenue for the second quarter of 2015 would be below expectations, and that as a result, ChinaCache International Holdings Ltd’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.

ChinaCache International Holdings Ltd reported that its annual Total Revenue increased from over $1.1 billion in 2013 to $1.38 billion in 2014 and that its Net Loss declined from $34.23 million in 2013 to $6.84 million in 2014. Shares of ChinaCache International Holdings Ltd (ADR) (NASDAQ: CCIH) grew to as high as $15.53 per share on June 10, 2015.

On August 20, 2015, ChinaCache International Holdings Ltd announced its second quarter 2015 financial results. Chairman and Chief Executive Officer of ChinaCache International Holdings Ltd, Mr. Song Wang, disclosed that ChinaCache International Holdings Ltd is currently experiencing some platform issues, which have impacted its top-line recently. Shares of ChinaCache International Holdings Ltd (ADR) (NASDAQ: CCIH) declined to as low as $4.69 per share on August 24, 2015.