CASES
SkyPeople Fruit Juice, Inc.
Class Period: Mar 31, 2010 to Apr 1, 2011
Lead Plaintiff Deadline: Jun 20, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against SkyPeople Fruit Juice, Inc. ("SkyPeople" or the "Company") on behalf of all persons who purchased the common stock of SkyPeople from March 31, 2010 through April 1, 2011. This case has been filed in the USDC - New York (Southern).
The Complaint alleges that SkyPeople engaged in undisclosed related party transactions in violation of the federal securities laws. 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's CEO and 20% owned by a director of SkyPeople.
On April 1, 2011, Roth Capital Partners cut their price target for SkyPeople from $13 to $4.50, citing concerns about related party transactions. From March 31, 2011 to April 4, 2011 (two trading days), SkyPeople stock price fell from $4.41 per share to $3.57 per share, damaging investors.
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.