PHILADELPHIA, March 10, 2016 /PRNewswire/ -- Plaintiffs' Lead Counsel, Abraham, Fruchter & Twersky, LLP, today announced that a settlement has been reached with China Integrated Energy, Inc. ("CBEH") and certain of its officers and former directors, subject to Court approval, in a class action lawsuit including purchasers of CBEH stock from March 31, 2010 to April 21, 2011.
A settlement has been proposed in a class action lawsuit about the price of CBEH stock. The settlement with CBEH and certain of its officers and former directors ("Defendants") will provide $2.1 million to pay claims from investors who bought the CBEH stock from March 31, 2010 to April 21, 2011. This amount is in addition to the previously announced $400,000 settlement that Lead Plaintiff and Lead Counsel secured from CBEH's auditor, Sherb & Co. LLP.
The United States District Court for the Central District of California authorized this notice. Before any money is paid, the Court will have a hearing to decide whether to approve the settlement.
The Court has certified the class in this action, which includes all persons and entities, other than defendants and their affiliates, who purchased or otherwise acquired the common stock of China Integrated between March 31, 2010 through April 21, 2011, including persons or entities that purchased common stock pursuant and/or traceable to the Company's Registration Statement, effective May 19, 2010, and the Prospectuses issued in connection with the Company's Secondary Offerings on or about December 28, 2010 through January 7, 2011.
If you are not sure you are included, you can get more information, including a detailed notice and proof of claim form, at www.chinaintegratedsettlement.com, or by writing to the following address or calling the following toll free telephone number: China Integrated Securities Litigation Settlement c/o Angeion Group, 1801 Market St., Suite 660, Philadelphia, PA 19103, Tel.: 1-877-300-3441.
What's this About?
This lawsuit claims that Defendants improperly overstated China Integrated's revenues and financial condition in its financial statements filed with the U.S. Securities and Exchange Commission. Defendants have denied and continue to deny all of the allegations and that they did anything wrong.
What does the Settlement Provide?
Defendants agreed to create a fund of $2.1 million (which will be added to the Sherb settlement of $400,000) to be divided among all Class Members who send in valid claim forms (after deduction of Court-approved fees and expenses). The settlement agreement and the detailed notice, available at the website below, describe all of the details about the proposed settlement and proposed settlement payment. Your share of the fund will depend on the number of valid claim forms that Class Members send in, how many shares of CBEH stock you bought, and when you bought and sold them.
How do you Ask for a Payment?
A detailed notice and claim form package contains everything you need. Just call or visit the website below to get one. To qualify for a payment, you must send in a claim form. If you already have submitted a claim form in connection with the Sherb settlement, you do not need to submit another claim form, but must submit a signed release before June 1, 2016. If you have not submitted a claim form, you must do so before June 1, 2016.
What are your Other Options?
If you don't want to be legally bound by the settlement, you must exclude yourself by May 27, 2016, or you won't be able to sue, or continue to sue, Defendants about the legal claims in this case. If you exclude yourself, you can't get money from this settlement and you cannot object to the settlement. If you stay in the settlement, you may object to it by June 20, 2016. The detailed notice explains how to exclude yourself or object.
The Court will hold a hearing in this case (Brown v. China Integrated Energy, Inc., et al., No. 11-cv-2559-BRO(PLAx)) on July 11, 2016, to consider whether to approve the settlement and a request by the lawyers representing all Class Members for fair and reasonable attorneys' fees and litigation expenses to be paid from the Settlement Fund, incurred in investigating the facts, litigating the case, and negotiating the settlement. Inquiries, other than requests for the detailed notice and claim form, may be made to Class counsel: Ian Berg and Takeo Kellar, Abraham, Fruchter & Twersky LLP, 11622 El Camino Real, Ste. 100, San Diego, CA 92130, Tel.: (858) 764-2580.
Douglas S. Clauson
Director, Marketing and Communications
SOURCE Angeion Group