CASES
China North East Petroleum Holdings Limited
Class Period: Aug 14, 2009 to May 26, 2010
Lead Plaintiff Deadline: Aug 10, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against China North East Petroleum Holdings Limited (NEP) ("China North" or the "Company") on behalf of all securities purchasers from August 14, 2009 through May 26, 2010, inclusive ("Class Period"), in the United States District Court for the Southern District of New York.
The complaint alleges that China North and certain of its officers and directors with violations of the federal securities laws for issuing false and misleading financial information to investors. According to the complaint, on May 27, 2010, China North announced that in 2009 a Company officer and a Company director engineered improper cash transfers between bank accounts of the Company and their personal accounts. The Company also announced that its CFO and a director had resigned. China North also announced that its CEO was placed on administrative leave and that he stepped down as Chairman of the Board, both pending the outcome of the Company's forensic audit. Allegedly, as a result of these adverse events, China North's stock has been halted and investors have suffered losses.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.