China Electric's $3.7M Securities Settlement Approved

Law360, Los Angeles (June 3, 2013, 4:31 PM EDT) -- A California federal judge on Monday signed off on a $3.7 million settlement of a securities class action alleging China Electric Motor Inc. made misleading statements in initial public offering documents, finding the deal was fair and reasonable for investors.

The agreement resolves one of a slew of securities fraud suits filed against U.S.-listed Chinese companies since 2010. Investors alleged they suffered more than $24 million in damages after China Electric disclosed “possible discrepancies concerning the company’s banking statements” in a March 2011 news release....
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