Chinese Power Co. $3.7M Securities Settlement Fair: Judge

Law360, Los Angeles (January 7, 2013, 9:15 PM EST) -- A California federal judge indicated Monday he will approve a $3.7 million settlement of a consolidated securities class action accusing Chinese power equipment maker A-Power Energy Generation Systems Ltd. and others of inflating revenues in financial reports to investors.

Investors who sued A-Power for Securities Exchange Act violations related to the allegedly incorrect reports said the settlement – which represents about 5 percent of the class's estimated damages of nearly $68 million – was “fair, adequate and reasonable” in light of the risks of further litigation....
To view the full article, register now.