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Shengdatech Reports Spur Derivative Suit

Law360 (April 12, 2011, 2:16 PM EDT) -- A Shengdatech Inc. shareholder filed a derivative action in New York federal court Monday claiming the calcium carbonate manufacturer’s top brass are liable for alleged misrepresentations that have already spurred two securities class actions.

The complaint, lodged in the U.S. District Court for the Southern District of New York, alleges Shengdatech’s senior managers and directors are responsible for the alleged misrepresentations that prevented the company from filing its 2010 report, halting the trade of its shares.

“The individual defendants, by virtue of their positions in the...
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