LexisNexis® Legal Newsroom
Heat Wave Quick Hits

With the temperatures reaching mind-bending levels, we considered it advisable to stay inside, drink plenty of fluids, and limit our exertions. So in lieu of a more elaborate post, we have simply noted some mid-summer quick hits below. Action against U.S.-Listed Chinese Companies Auditors Allowed...

Securities Suits Against U.S.-Listed Chinese Companies Continue in Year's Second Half

In its comments about the elevated level of filings against U.S.-listed Chinese companies during the first months of 2011 in its mid-year report on securities class action litigation ( here ), Cornerstone Research noted both that the total number of such companies is relatively small and even made...

Cornerstone: Lawsuits Involving U.S.-Listed Chinese Firms Continue To Be Filed In Second Half Of 2011

In its comments about the elevated level of filings against U.S.-listed Chinese companies during the first months of 2011 in its mid-year report on securities class action litigation ( here ), Cornerstone Research noted both that the total number of such companies is relatively small and even made second...

More Woes for Companies with Chinese Connections

SciClone Settles FCPA Follow-on Derivative Suit : In a settlement that involves a company with significant Chinese operations -- and that also may represent something of a template for the settlement of FCPA enforcement follow-on civil lawsuits -- SciClone Pharmaceuticals and the individual defendant...

Federal Judge Dismisses Securities Class Action Against U.S.-Listed Chinese Company

In what is as far as I know the first outright dismissal motion grant in the wave of cases filed against U.S.-Listed Chinese companies that began last year, on October 6, 2011, Southern District of New York Judge Miriam Goldman Cedarbaum granted the defendants' motion to dismiss in the securities...

SciClone FCPA Lawsuit Settlement: New Enhanced Best Practices?

In a story in the D&O Diary , entitled " More Woes for Companies with Chinese Connections ", Kevin LaCroix discussed the settlement reached by the entity SciClone Pharmaceuticals, and its individual defendant directors and officers, in litigation involving three consolidated derivative...

SciClone Pharmaceuticals Settles FCPA Follow-On Derivative Lawsuits

In a settlement that involves a company with significant Chinese operations -- and that also may represent something of a template for the settlement of FCPA enforcement follow-on civil lawsuits -- SciClone Pharmaceuticals and the individual defendant directors and officers have agreed to settle the...

Settlements Of Class Action Securities Lawsuits Involving U.S.-Listed Chinese Companies Are Relatively Modest

Beginning in 2010 and accelerating in 2011, plaintiffs' lawyers filed a wave of securities class action lawsuits against U.S.-listed Chinese companies, many of which obtained their U.S. listings via reverse merger. These cases have been making their way through the courts, and some have now reached...

E&Y Settles Ontario Sino-Forest Securities Suit for $117 Million

In what is by far the largest settlement in the current wave of securities litigation involving Chinese companies, Ernst &Young, which served as the outside auditor for Sino-Forest, has agreed to pay C$117 million to settle the securities suit that Sino-Forest investors filed in Ontario against...

The Week In Securities Litigation: SEC Targets Chinese Affiliates of Major Audit Firms, Market Professionals

Chinese affiliates of major audit firms and market professionals were the focus of securities enforcement litigation this week. Five PRC based affiliates of major international accounting firms were named as Respondents in an administrative proceeding the Commission directed be filed under Rule 102(e...

Ernst & Young Settles Sino-Forest Securities Litigation Filed In Ontario For $117 Million

In what is by far the largest settlement in the current wave of securities litigation involving Chinese companies, Ernst &Young, which served as the outside auditor for Sino-Forest, has agreed to pay C$117 million to settle the securities suit that Sino-Forest investors filed in Ontario against the...

Big Award in Chinese Reverse Merger Case

In what appears to be the first actual judgment in the several dozen cases involving allegations of impropriety in cases of Chinese companies that went public in the US, a $77 million arbitration award was granted to a plaintiff in an arbitration case in Hong Kong. AIG CEO Hank Greenberg's...

Securities Suit Against U.S.-Listed Chinese Company Dismissed

In a January 22, 2013 opinion ( here) , Southern District of New York Judge J. Paul Oetken has dismissed one of the many securities class action lawsuits that were filed against U.S.-listed Chinese companies in 2011. Though the primary interest in the case may be that it involves U.S. securities...

New York Federal Judge Dismisses Securities Suit Against U.S.-Listed Chinese Company

In a January 22, 2013 opinion ( here) , Southern District of New York Judge J. Paul Oetken has dismissed one of the many securities class action lawsuits that were filed against U.S.-listed Chinese companies in 2011. Though the primary interest in the case may be that it involves U.S. securities suit...

Corruption Allegations: More Securities Suits Against U.S.-Listed Chinese Companies?

As many readers will recall, a couple of years ago there was an intense barrage of securities litigation class action lawsuit filings against U.S.-listed Chinese companies. Many of the cases involved Chinese companies that obtained their U.S. listings by way of a reverse merger with publicly traded shell...

Second Circuit Vacates Dismissal of JinkoSolar Securities Suit

In an interesting July 31, 2014 opinion ( here ), the Second Circuit vacated the dismissal of the securities class action lawsuit that had been filed against JinkoSolar Holdings Co. Ltd, and certain of its directors and officers, as well as against its offering underwriters [an enhanced version of this...