A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Keyuan Petrochemicals Inc (NASDAQ:KEYP).
San Diego, CA -- (SBWIRE) -- 09/22/2015 -- A deadline is coming up on September 28, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased (a) common stock of Keyuan Petrochemicals Inc during the period from August 16, 2010 through October 7, 2011, inclusive and/or (b) Keyuan Petrochemicals Inc securities pursuant to the confidential private offering memorandum dated March 22, 2010, consisting of purchasers in the first tranche that closed on April 22, 2010 and the second tranche that closed on May 18, 2010.
Investors who purchased a significant amount of shares of Keyuan Petrochemicals Inc (NASDAQ:KEYP) (a) during the period from August 16, 2010 through October 7, 2011, inclusive and/or (b) Keyuan Petrochemicals Inc (NASDAQ:KEYP) pursuant to the confidential private offering memorandum dated March 22, 2010, consisting of purchasers in the first tranche that closed on April 22, 2010 and the second tranche that closed on May 18, 2010, have certain options and should contact the Shareholders Foundation by email at email@example.com or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Keyuan Petrochemicals Inc (NASDAQ:KEYP) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/questcor-pharmaceuticals-inc-nasdaq-qcor-investor-securities-class-action-lawsuit-09262012
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 September 28, 2015. The class action administrator for this case is Strategic Claims Services.
The lawsuit was originally filed in the U.S. District Court for the Central District of California against Keyuan Petrochemicals Inc over alleged Violations of Federal Securities Laws. According to the complaint the plaintiff alleges on behalf of investors who purchased the common stock Keyuan Petrochemicals Inc during the period from August 16, 2010 through October 7, 2011, that Keyuan Petrochemicals Inc and certain of its officers and directors violated Federal Securities Laws by issuing materially false and misleading financial information.
While Keyuan Petrochemicals Inc did not report any significant Total Revenue between 2006 and 2009 Keyuan Petrochemicals Inc reported for the first three quarters in 2010 a combined nine months Total Revenue of $400.71million with a combined nine months Net Income of $18.54million.
Specifically, the plaintiff claims that between August 16, 2010 and October 7, 2011 Keyuan Petrochemicals Inc failed to properly disclose material related party transactions that rendered Keyuan Petrochemicals Inc's periodic reports filed with the U.S. Securities and Exchange Commission ("SEC") false and misleading.
Prior to market open on April 1, 2011 trading in Keyuan Petrochemicals Inc's stock was halted. Thereafter, Keyuan Petrochemicals Inc issued a press release announcing that it would not be able to timely release its financial results for the fiscal year ended December 31, 2010. The announcement also revealed that "the accounting review conducted to date had identified various concerns" that prompted the Company's audit committee to undertake an independent investigation. Later the same day, Keyuan Petrochemicals Inc filed an 8-K with the U.S. Securities and Exchange Commission ("SEC") under item 4.02 entitled "Non-Reliance on Previously Issued Financial Statements." According to the 8-K, Keyuan Petrochemicals Inc's auditors informed Keyuan Petrochemicals Inc "that there is a possibility that we may be required to make certain adjustments to certain of our previously issued financial statements, and that such previously issued financial statements may not be relied upon".
Then on October 6, Keyuan Petrochemicals Inc said on October 5, 2011, it received a letter from the Listing Qualifications Hearings Department of the NASDAQ Stock Market LLC stating that the NASDAQ Stock Market LLC Hearings Panel has exercised its discretionary authority pursuant to NASDAQ Listing Rule 5101 to delist the Company's securities from the NASDAQ Stock Market and will suspend trading in the Company's shares effective at the open of business on Friday, October 7, 2011.
Those who purchased shares of Keyuan Petrochemicals Inc (NASDAQ: KEYP) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego