A-Power Energy Generation Systems Ltd (NASDAQ: APWR) Investor Securities Class Action Lawsuit 07/05/2011

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Company Name(s): 
A-Power Energy Generation Systems
Case Name: 
A-Power Energy Generation Systems Shareholder Class Action Lawsuit 07/05/2011
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: APWR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/05/2011
Class Period Begin: 
03/17/2008
Class Period End: 
06/27/2011
Court of Filing: 
U.S. District Court for the District of Nevada
Deadline To File for Lead: 
09/05/2011
Date Settled: 
01/15/2013
Settlement Amount: 
$3,675,000
Deadline to Participate in Settlement: 
07/13/2013
Summary: 

October 24, 2014 - The court ordered the authorization of the distribution of the net settlement fund.

August 22, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

January 15, 2013 - The court preliminarily approved the settlement.

January 9, 2013 - Parties filed a stipulation of settlement.

December 7, 2012 - Parties filed a stipulation of settlement.

July 16, 2012 - The lead plaintiff filed an amended consolidated complaint.

May 31, 2012 - The court granted the defendants' motions to dismiss with leave to amend.

May 3, 2012 - Another defendant filed a motion to dismiss.

April 16, 2012 - Another defendant filed a motion to dismiss.

April 3, 2012 - A defendant filed a corrected motion to dismiss.

April 2, 2012 - Defendants filed motions to dismiss.

March 1, 2012 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased A-Power Energy Generation Systems Ltd (NASDAQ: APWR) common stock between March 21, 2008 and June 27, 2011. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 21, 2008 and June 27, 2011.

January 9, 2012 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

December 15, 2011 - All cases were consolidated and transferred to the U.S. District Court for the Central District of California.

August 30, 2011 - Lead plaintiff motions were filed.

July 5, 2011 - An investor in shares of A-Power Energy Generation Systems Ltd (NASDAQ: APWR now trading on the OTC sheets as APWR) filed a lawsuit in the U.S. District Court for the District of Nevada against A-Power Energy Generation Systems Ltd over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that A-Power Energy Generation Systems Ltd and certain of its officers and directors violated the federal securities laws by issuing false and misleading financial statements. Specifically the complaint alleges that A-Power Energy Generation Systems Ltd’s financial statements filed by A-Power Energy Generation Systems Ltd main subsidiaries with Chinese regulators showed less revenue and cash balances than those filed with the U.S. Securities and Exchange Commission (“SEC”).

A-Power Energy Generation Systems Ltd reported a substantial increase in its annual Revenue from $98.70million in 2006 to $311.25million in 2009. However, it reported a decrease in its Net Income from $28.52million for 2008 to a Net Loss of $16.69million in 2009.

Shares of A-Power Energy Generation Systems Ltd (NASDAQ: APWR) rose in 2008 as high as $30.79 during June and fell until the end of 08 to $3.45 per share. In 2009 APWR shares increased from as low as $3.36 in March 09 to $19.58 on December 24, 2009.

Since then APWR stock fell to $1.85 per share on June 17, 2011 when A-Power Energy Generation Systems Ltd issued a press release announcing that Robert B. Leckie had resigned from its Board of Directors "as a result of concerns that his views on process and best practices were not necessarily shared throughout the Company."

The same day an article was published on Seeking Alpha raising a number of red flags of fraud at A-Power Energy Generation Systems Ltd, including allegations that the 2009 financial statements filed by A-Power Energy Generation Systems Ltd's main subsidiaries with Chinese regulators showed less than one-tenth of the revenue and cash balances, which appear in A-Power Energy Generation Systems Ltd's financial statements filed with the U.S. Securities and Exchange Commission.

NASDAQ has halted trading in its stock.