Code Rebel Corp (NASDAQ: CDRB) Investor Securities Class Action Lawsuit 05/10/2016

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of September 15, 2017 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
Code Rebel
Case Name: 
Code Rebel Shareholder Class Action Lawsuit 05/10/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: CDRB
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/10/2016
Class Period Begin: 
05/19/2015
Class Period End: 
05/12/2017
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
07/11/2016
Settlement Amount: 
$1,300,000
Deadline to Participate in Settlement: 
09/15/2017
Settlement Notice: 
Settlement Proof: 
Summary: 

The proposed Settlement provides for Settling Defendants’ insurers to pay one million three hundred thousand dollars ($1,300,000) into a settlement fund (the “Settlement Fund”) of which three hundred thousand dollars ($300,000) will be allocated to the Trustee and one million dollars ($1,000,000) will be allocated to the Settlement Class.

June 26, 2017 - Parties filed a stipulation of settlement.

May 10, 2016 - An investor in shares of Code Rebel Corp (NASDAQ: CDRB) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Code Rebel in connection with certain allegedly false and misleading statements made between August 17, 2015 and May 5, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Code Rebel Corp (NASDAQ: CDRB) common shares between August 17, 2015 and May 5, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 17, 2015 and May 5, 2016, the defendants issued allegedly false and misleading statements to investors and/or failed to disclose that Code Rebel Corp’s financial statements contained errors concerning its assets and financial condition, and that as a result of the foregoing, Code Rebel Corp’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Shares of Code Rebel Corp (NASDAQ: CDRB) declined from as high as $38.80 per share in June 2015 to as low as $1.51 per share on February 24, 2016.

On May 6, 2016, Code Rebel Corp (NASDAQ: CDRB) announced that on May 6, 2016 the Securities and Exchange Commission (“SEC”) issued an order of suspension of trading of Code Rebel Corp’s securities effective May 6, 2016 at 9:30 a.m. EDT through 11:59 p.m. EDT on May 19, 2016.

Code Rebel Corp said that the order stated that this action was taken "because of questions regarding the accuracy of statements in its Forms 10-Q for the quarters ended June 30, 2015 and September 30, 2015, and the Form 10-K for the year ending December 31, 2015, concerning the company's assets and financial condition."