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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Campbell et al v. Yu et al


Case Number

7:12-cv-03169

Court

New York Southern

Nature of Suit

Stockholders Suits

Judge

Edgardo Ramos

Date Filed

April 20, 2012

Law Firms

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.