China Finance Online (JRJC) Enters Settlement Over Class Action Suit
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China Finance Online Co. Limited (Nasdaq: JRJC) announced that it has entered into a Stipulation of Settlement with lead plaintiffs in the class action lawsuit against the Company filed in June 2015.
The securities class action lawsuit was filed in the United States District Court for the Central District of California and later transferred to the United States District Court for the Southern District of New York (Wang v. China Finance Online, Case no. 1:15-CV-07894-RMB) against the Company and alleges that the Company's public filings with the Securities and Exchange Commission included materially false statements and/or omitted material facts that the Company's transactions with a Chinese entity were related party transactions, which inflated the price of the Company's securities during the period from April 29, 2013 and June 3, 2015. The Company entered into the Stipulation of Settlement without any admission of wrongdoing and provided for a settlement fund of $3 million.
The Stipulation of Settlement remains subject to court approval and certain other conditions including notice to the class members and administration of the settlement.
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