The Court ruled the plaintiffs failed to identify a material misrepresentation or omission and failed to plausibly allege loss causation against the Company, and dismissed all claims against the Company its directors and officers on July 19, 2016.
Mr. Xinrong Zhuo, Chairman and Chief Executive Officer of the Company, commented "We are pleased with the Court's decision which makes it clear that Pingtan was not at fault. We believe this marks a turning point for our Management as we are able to focus more on developing and expanding our operations."
About Pingtan Marine Enterprise Ltd.
The Company is a global fishing company engaging in ocean fishing through its wholly-owned subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing. Pingtan Fishing, a provider of high quality seafood in the PRC, primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia.
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Katherine Yao, Senior Associate
Tel: +86 10 6587 6435
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SOURCE Pingtan Marine Enterprise Ltd.