SkyPeople Fruit Juice Inc (NASDAQ: SPU) Investor Securities Class Action Lawsuit 04/20/2011

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Company Name(s): 
SkyPeople Fruit Juice
Case Name: 
SkyPeople Fruit Juice Shareholder CClass Action Lawsuit 04/20/2011
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: SPU
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/20/2011
Class Period Begin: 
03/31/2010
Class Period End: 
06/01/2011
Court of Filing: 
U. S. District Court for the Southern District of New York
Deadline To File for Lead: 
06/20/2011
Date Settled: 
01/27/2014
Settlement Amount: 
$2,200,000
Deadline to Participate in Settlement: 
12/17/2013
Summary: 

January 27, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

September 18, 2013 - The court preliminarily approved the settlement.

September 13, 2013 - Parties filed a stipulation of settlement.

September 10, 2012 - The court denied in part and granted in part the motions to dismiss of two defendants and granted the motions to dismiss of two other defendants.

May 3, 2012 - The Lead plaintiff filed a notice that certain defendants are voluntarily dismissed without prejudice.

December 21, 2011 - Defendants filed a motion to dismiss.

November 28, 2011 - The lead plaintiff filed a second amended consolidated complaint.

November 15, 2011 - The court grants lead plaintiffs leave to further amend their pleading.

October 3, 2011 - The lead plaintiff filed an amended consolidated complaint.

August 30, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

June 20, 2011 - Lead plaintiff motions were filed.

April 20, 2011 - An investor in SkyPeople Fruit Juice Inc (NASDAQ: SPU) filed a lawsuit in the U.S. District Court for the Southern District of New York against SkyPeople Fruit Juice Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that SkyPeople Fruit Juice Inc engaged in undisclosed related party transactions in violation of the federal securities laws.

SkyPeople Fruit Juice Inc reported an increase in 12months Total Revenue from $41.65million in 2008 to $93.25million in 2010. It reported an increased in its Net Income from $10.01million in 2008 to $21.18million in 2010.

However, shares of SkyPeople Fruit Juice Inc fell from as high as $6.52 per share in August 2010 to $4.03 on April 20, 2011.

On March 31, 2010, the Company issued its Annual Report on Form 10-K for the year ending December 31, 2009. The Company stated that there were no related party transactions that year. On April 1, 2011, the Company issued its Annual Report on Form 10-K for the year ending December 31, 2010. It stated that one of the Company’s major acquisitions in 2009, Yingkou Trusty Fruits Co., Ltd., had been 46% owned by a company which in turn was 80% owned by SkyPeople Fruit Juice Inc’s CEO and 20% owned by a director of SkyPeople Fruit Juice Inc.

On April 1, 2011, Roth Capital Partners cut their price target for SkyPeople Fruit Juice Inc from $13 to $4.50, citing concerns about related party transactions. From March 31, 2011 to April 4, 2011 (two trading days), SkyPeople Fruit Juice Inc stock price fell from $4.41 per share to $3.57 per share, damaging investors.