CNinsure Hit With Shareholder Class Action

Law360, New York (October 20, 2011, 2:58 PM EDT) -- China-based CNinsure Inc. was hit with a putative shareholder class action Monday accusing the insurance brokerage of deliberately exaggerating the company's net income by downplaying costs from sales agent commissions.

CNinsure, an agency services provider, and its top officers allegedly gave investors a deceptively rosy picture of the company's business and prospects in press releases and other statements, causing American depository shares for the company to trade at artificially inflated levels, according to the complaint in New York federal court.

And while the ADSs climbed to...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Van Dongen v. Cninsure Inc. et al


Case Number

1:11-cv-07320

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Vernon S. Broderick

Date Filed

October 17, 2011

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.