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American court dismisses putative class action suit against Pingtan

CHINA
Friday, August 26, 2016, 02:50 (GMT + 9)

A Federal Court in New York has dismissed a putative federal securities class action filed against global fishing company Pingtan Marine Enterprise Ltd. (PME), its officers and directors in January 2015. The plaintiffs filed the putative securities class action alleging that the company had falsely represented in its securities filings that it received profits from its wholly-owned subsidiary based in China. The complaint alleged that this was materially misleading, and asserted claims against the company, who filed a motion to dismiss the complaint on various grounds, including that its securities filings were not materially misleading and the complaint did not allege loss causation. The Court in New York ruled the plaintiffs failed to identify a material misrepresentation or omission and failed to plausibly allege loss causation against the Company, and dismissed all ... FULL STORY

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