Yuhe To Pay $2.7M To Settle $40M Stock Offering Row
Law360, Los Angeles (January 6, 2014, 9:13 PM EST) -- Yuhe International Inc., its independent auditor and its underwriters have agreed to pay $2.7 million to settle a securities class action brought by lead plaintiff aAD Partners LP, according to an unopposed motion for preliminary approval of the deal filed Monday in California federal court.
The settlement comes after U.S. District Judge Dean D. Pregerson in July kept intact the suit against underwriters of a $40 million offering of shares in China's Yuhe, ruling investors adequately pled that the underwriters missed Yuhe's alleged false statements about its chicken farms. The judge ruled that the plaintiffs could continue their litigation over allegations that...
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