Chinese Battery Execs Drained Company Of Value, Suit Says

Law360, New York (April 24, 2012, 5:45 PM EDT) -- Shareholders of China-based New Energy Systems Group launched a derivative suit Friday against the top brass of the battery product manufacturer claiming their gross mismanagement destroyed its stock value by nearly 90 percent.

The group of seven current and former directors and executives, including Chairman and CEO Weihe Yu, failed to impose internal financial controls and approved financial statements overstating the company's financial results and future earnings, according to the suit filed in New York federal court.

“On the individual defendants' watch, through their breaches of...
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