CASES
Orient Paper, Inc.
Class Period: Mar 27, 2009 to Jul 22, 2010
Lead Plaintiff Deadline: Oct 5, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Orient Paper, Inc. (ONP) ("ONP" or the "Company") on behalf of all securities purchasers from March 27, 2009 through July 22, 2010, inclusive ("Class Period"), in the United States District Court for the Central District of California.
The complaint alleges that during the Class Period, ONP issued materially false and misleading statements and omitted to state material facts that rendered their affirmative statements misleading as they related to the ONP's financial performance, business prospects, and financial condition Specifically, the complaint alleges that the Company's revenues were substantially overstated and that the Company exaggerated the extent of its business operations. On June 28, 2010, an entity calling itself Muddy Waters released a report containing facts indicating that ONP has issued false financial statements and press releases. The report was followed by a series of back-and-forth accusations between Muddy Waters and the Company. Finally, on July 16, 2010, ONP announced that it would retain a law firm and a "Big Four" accounting firm to conduct an investigation into the troubling issues raised by Muddy Waters. As a result of these adverse disclosures, ONP's share price dropped substantially, damaging shareholders.
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.