A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of China Natural Gas Inc (NASDAQ: CHNG) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on May 31, 2016 and NASDAQ: CHNG investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/19/2016 -- A deadline is coming up on May 31, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of China Natural Gas Inc (NASDAQ: CHNG) between March 10, 2010 and September 21, 2011.
Investors who purchased a significant amount of shares of China Natural Gas Inc (NASDAQ: CHNG) between March 10, 2010 and September 21, 2011, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the China Natural Gas Inc (NASDAQ: CHNG) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/china-natural-gas-inc-nasdaq-chng-investor-securities-class-action-lawsuit-08262010
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is May 31, 2016. The class action administrator for this case is Strategic Claims Services.
The lawsuit was originally filed in the U.S. District Court for the District of Delaware against China Natural Gas Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 10, 2010 and August 19, 2010. China based China Natural Gas Inc is an integrated natural gas operator in The Peoples' Republic of China, primarily involved in the distribution of compressed natural gas through its variable interest entity-owned CNG fueling stations. According to the complaint the plaintiff alleges on behalf of all purchasers of the common stock of China Natural Gas during the period from March 10, 2010 through August 19, 2010 that China Natural Gas Inc and its officers and directors violated the Securities Exchange Act of 1934 by issuing false and misleading public statements in its Annual Report for the year ended December 31, 2009 and its Quarterly Report for the quarter ended March 31, 2010, specifically that the defendants concealed the existence of a $17.7 million loan liability on its balance sheet, understated restricted cash by $17.7 million, improperly accounted for $45.6 million in senior notes as short term liabilities, rather than long term, and failed to disclose that it is in default under the senior note indenture.
Those who purchased shares of China Natural Gas Inc (NASDAQ: CHNG) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com