Jiangbo Pharmaceuticals Inc Investor Securities Class Action Lawsuit 07/15/2011

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Company Name(s): 
Jiangbo Pharmaceuticals
Case Name: 
Jiangbo Pharmaceuticals Shareholder Class Action Lawsuit 07/15/2011
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: JGBO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/15/2011
Class Period Begin: 
06/08/2010
Class Period End: 
05/31/2011
Court of Filing: 
U.S. District Court for the Southern District of Florida
Deadline To File for Lead: 
09/14/2011
Case Dismissed: 
03/25/2015
Summary: 

March 25, 2015 - The U.S. Court of Appeals for the Eleventh Circuit ordered the judgment of the district court is affirmed.

September 26, 2014 - The lead plaintiffs filed a motion for default judgment.

September 18, 2014 - The court ordered lead plaintiffs to file motion for default judgment and administratively closed the case.

January 15, 2014 - The lead plaintiffs filed a notice of appeal.

December 19, 2013 - The court issued judgment in favor of four defendants.

August 15, 2012 - The lead plaintiffs filed a second amended consolidated complaint.

August 1, 2012 - The court granted defendants' motions to dismiss and dismissed the amended complaint without prejudice.

May 22, 2012 - The court dismissed certain defendants without prejudice.

May 7, 2012 - The lead plaintiffs filed a notice of voluntary dismissal of certain defendants.

January 24, 2012 - Another defendant filed a motion to dismiss.

December 16, 2011 - Defendants filed a motion to dismiss.

November 16, 2011 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Jiangbo Pharmaceuticals Inc (NASDAQ: JGBO) common shares between June 8, 2010 and May 31, 2011. The plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between June 8, 2010 and May 31, 2011.

November 1, 2011 - Lead plaintiffs and lead counsel were appointed.

September 14, 2011 - Lead plaintiff motions were filed.

August 31, 2011 - Cases were consolidated.

July 15, 2011 - An investor in shares of Jiangbo Pharmaceuticals Inc (NASDAQ: JGBO now trading on the OTC sheets as JGBO) filed a lawsuit in the U.S. District Court for the Southern District of Florida against Jiangbo Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 17, 2010 and May 31, 2011.

According to the complaint the plaintiff alleges on behalf of investors who purchased Jiangbo Pharmaceuticals Inc (NASDAQ: JGBO) shares between May 17, 2010 and May 31, 2011 that Jiangbo Pharmaceuticals Inc and its officers and directors violated the Securities Exchange Act of 1934 by issuing false and misleading information to investors about the financial and business condition of the Company and its lack of internal controls.

Jiangbo Pharmaceuticals Inc reported substantial increase in its 12 months Revenue and Net Income. Jiangbo Pharmaceuticals Inc reported an increase from $3.04 million to $97.44 million within the past four 12 months filing periods. It reported an increase in its Net Income over the same time frame from a $5.82 million Net Loss to a $29.85 million Net Income.

Shares of Jiangbo Pharmaceuticals Inc (NASDAQ: JGBO) traded as high as $10.49 in August 2010 and fell to $3.08 per share on May 31, 2011 when the NASDAQ Stock Market announced that trading was halted in Jiangbo Pharmaceuticals Inc (NASDAQ: JGBO) for "additional information requested" from the company.