Key Developments: Puda Coal Inc (PUDA.PK)
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Latest Key Developments (Source: Significant Developments)
Glancy Binkow & Goldberg LLP Announces Victory By Investors In Lawsuit Against Puda Coal Inc
Glancy Binkow & Goldberg LLP announced that in a victory by investors of Puda Coal, Inc. (Puda or the Company), in the securities class action entitled In re Puda Coal Securities Inc. et al. Litigation, Case No. 11-CV-2598, pending in United States District Court for the Southern District of New York. On March 15, 2013, U.S. District Court Judge Katherine B. Forrest issued an order that resolved six motions to dismiss the operative complaint filed by accounting firms MSPC Certified Public Accountants and Advisors, P.C. (MSPC), Moore Stephens Hong Kong (MSHK) and Moore Stephens International Ltd., by underwriters Macquarie Capital (USA) and Brean Murray, Carret & Co., and by two Puda directors, C. Mark Tang and Lawrence Wizel. The Court denied MSPC`s and MSHK`s motions in their entirety, finding that plaintiffs stated valid claims against Puda`s auditors for violations of Section 10(b) of the 1934 Exchange Act and for violations of Section 11 of the 1933 Securities Act (1933 Act). The Court also denied in their entirety the underwriters` motions to dismiss, finding that plaintiffs stated claims against both for violations of Sections 11 and 12(a)(2) of the 1933 Act. Finally, the Court held that plaintiffs had stated valid claims against directors C. Mark Tang and Lawrence Wizel for violations of Section 11 and 15 of the 1933 Act. Full Article
Puda Coal Inc. Announces Resignation Letter From CEO
Puda Coal Inc. announced that it has received a letter from the Company's Chief Executive Officer (CEO), Liping Zhu, dated September 22, 2011. The letter states that Mr. Zhu resigns from his positions as the Company's CEO and as a Director on the Board. Full Article
Puda Coal Inc.'s Audit Committee Announces Interim Findings For Its Internal Investigation
The Audit Committee of Puda Coal Inc. announced certain interim findings of its internal investigation, which was launched in response to allegations raised in an article published online by Alfred Little, a short seller of the Company's stock, on April 8, 2011. The summary interim findings of the Audit Committee were disclosed in a current report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission on September 1, 2011. Full Article
Puda Coal Inc. Receives Resignation And Non-Reliance Letter from Auditor
Puda Coal Inc. announced that Moore Stephens, the independent registered public accounting firm of the Company, resigned, effectively immediately. Moore Stephens served as the Company's auditor since July 19, 2005. Moore Stephens also advised the Company that further reliance should no longer be placed on its previously issued audit reports relating to the Company's financial statements for fiscal years 2009 and 2010. The resignation and non-reliance advice by Moore Stephens are based on its conclusion that it is no longer able to rely on the representations of the Company's management received in connection with its audits of the Company's financial statements for the last two fiscal years. Moore Stephens believes such management representations are materially inconsistent with the alleged unauthorized transfers of subsidiary ownership by the Company's Chairman, Mr. Ming Zhao, which are currently subject to the investigation by the Audit Committee. The Company's Audit Committee will continue its investigation into the alleged unauthorized transactions. Full Article
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