Tri-Tech Holding Inc (NASDAQ: TRIT) Investor Securities Class Action Lawsuit 12/20/2013

If you purchased shares of Tri-Tech Holding Inc (NASDAQ: TRIT), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Tri-Tech Holding
Case Name: 
Tri-Tech Holding Shareholder Class Action Lawsuit 12/20/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: TRIT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/20/2013
Class Period Begin: 
09/10/2009
Class Period End: 
12/12/2013
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
02/18/2014
Date Settled: 
07/09/2015
Settlement Amount: 
$975,000
Deadline to Participate in Settlement: 
09/15/2015
Summary: 

October 16, 2016 - The court held a final settlement hearing and approved the settlement, the plan of allocation, and entered the order approving the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

July 9, 2015 – The court preliminarily approved the settlement.

July 2, 2015 - Parties filed a stipulation of settlement.

June 3, 2014 - The lead plaintiffs filed an amended complaint.

March 13, 2014 - The lead plaintiffs and lead counsel were appointed.

February 18, 2014 - Lead plaintiff motions were filed.

December 20, 2013 - An investor in shares of Tri-Tech Holding Inc (NASDAQ: TRIT) filed a lawsuit in the U.S. District Court for Southern District of New York against Tri-Tech Holding Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 26, 2012 and December 12, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Tri-Tech Holding Inc (NASDAQ: TRIT) between March 26, 2012 and December 12, 2013, that Tri-Tech Holding Inc and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that defendants between March 26, 2012 and December 12, 2013 made allegedly false and misleading statements and/or allegedly failed to disclose that Tri-Tech Holding Inc lacked adequate disclosure and internal controls relating to Tri-Tech Holding Inc's control over its funds.

Tri-Tech Holding Inc reported that its annual Total Revenue declined from $85.87 million in 2011 to $72.63 million in 2012 and that its Net Income of $8.09 million in 2011 declined to a Net loss of $2.26 million in 2012.

Shares of Tri-Tech Holding Inc (NASDAQ: TRIT) declined from $13.96 per share in early 2011 to as low as $1.26 per share in July 2013.

Then on September 18, 2013, Tri-Tech Holding Inc announced changes to its senior management designed to address the business challenges Tri-Tech Holding Inc has recently faced. Among other things, Tri-Tech Holding Inc said that Gavin Cheng was being replaced as Tri-Tech Holding Inc’s Chief Executive Officer, but would remain a member of its Board of Directors.

On December 11, 2013, Tri-Tech Holding Inc announced that on the same day the Board of Directors (“Board”) of Tri-Tech Holding Inc, with immediate effect, suspended the authority of Guang (Gavin) Cheng to act on behalf of Tri-Tech Holding Inc in his capacity as a member of the Tri-Tech Holding Inc’s Board and authorized Tri-Tech Holding Inc’s appropriate officers to remove Mr. Cheng from any and all positions in Tri-Tech Holding Inc’s subsidiaries and affiliates. Tri-Tech Holding Inc disclosed that Mr. Cheng was in fact terminated by unanimous consent of the Board on September 17, 2013 due to his violations of Tri-Tech Holding Inc’s internal policies and procedures regarding wire transfers.