Crystallex International Corporation (AMEX: KRY) Investor Securities Class Action Lawsuit 12/08/2008

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Company Name(s): 
Crystallex International Corp.
Case Name: 
Crystallex International Corp. Shareholder Class Action Lawsuit 12/08/2008
Case Status: 
Case Dismissed
Affected Securities
AMEX: KRY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/08/2008
Class Period Begin: 
03/27/2006
Class Period End: 
04/30/2008
Court of Filing: 
U.S. District Judge for the Southern District of New York
Deadline To File for Lead: 
02/06/2009
Case Dismissed: 
06/07/2011
Summary: 

June 7, 2011 - The U.S. Court of Appeals for the Second Circuit dismissed the appeal.

April 26, 2011 - The court ordered the case closed.

April 21, 2011 - The lead plaintiffs filed a notice of appeal.

March 28, 2011 - The court granted the defendants' motion to dismiss and dismissed complaint without prejudice. Plaintiffs were granted leave to file an amended complaint.

August 14, 2009 - Defendants filed a motion to dismiss.

June 12, 2009 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Crystallex International Corporation common shares (AMEX: KRY) between March 27, 2006 and April 30, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 27, 2006 and April 30, 2008.

April 7, 2009 - The lead plaintiffs and lead counsel were appointed.

February 6, 2009 - Lead plaintiff motions were filed.

December 8, 2008 - An investor in shares of Crystallex International Corporation (AMEX: KRY now trading on the OTC sheets as CRYFQ) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of investors who purchased Crystallex International Corporation over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Crystallex International Corporation and certain of its former officers allegedly made several statements between July 28, 2005 and April 30, 2008 about the Crystallex International Corporation's "Las Cristinas Gold Project" located in Sifontes, Venezuela, and that the issuance of the required Venezuelan government permit in connection with that project was imminent. The complaint alleges that between July 28, 2005 and April 30, 2008 defendants did not have a reasonable expectation that Crystallex International Corporation would receive the required permit and that on April 30, 2008, the permit was, in fact, denied. As a result of this news the Crystallex International Corporation's stock declined from a closing price of $1.68 on April 29, 2008, to a closing price of $0.91 on April 30, 2008, on heavy volume.