China North Topples Shareholders' Stock Drop Claims

Law360, Chicago (October 7, 2011, 2:21 PM EDT) -- China North East Petroleum Holdings Ltd. won its bid Thursday to ditch a consolidated putative class action in New York brought by shareholders over shoddy accounting practices that allegedly led to a stock price drop and the company's temporary delisting.

U.S. District Judge Miriam Goldman Cedarbaum granted three motions to dismiss lodged by the energy company and related defendants, finding the lead plaintiff, Swiss firm Acticon AG, had not suffered any economic loss because it had the chance to sell its China North shares at a...
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