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December 15, 2020 - A stipulation of settlement was filed by the parties.
July 9, 2020 - An amended complaint was filed.
August 29, 2019 - The case was transferred to U. S. District Court for the Central District of California.
June 12, 2019 - An investor in shares of ChinaCache Internatnl Hldgs Ltd (ADR) (NASDAQ: CCIH) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by ChinaCache Internatnl Hldgs Ltd in connection with certain allegedly false and misleading statements made between April 10, 2015 and May 17, 2019.
Beijing, China based ChinaCache International Holdings Ltd., an investment holding company, provides content and application delivery services in the People's Republic of China. ChinaCache International Holdings Ltd. reported that its annual Total Revenue declined from over 1.05 billion CNY in 2016 to 852.56 million CNY in 2017 and that its Net Loss declined from 913.47 million CNY in 2016 to 369.16 million CNY in 2017.
On April 29, 2019, ChinaCache Internatnl Hldgs Ltd filed a Form NT 20-F with the U.S. Securities and Exchange Commission (“SEC”) announcing that it would not be able to timely file its annual report for the fiscal year 2018. On May 17, 2019, ChinaCache Internatnl Hldgs Ltd e disclosed that ChinaCache Internatnl Hldgs Ltd and its Chief Executive Officer (“CEO”) and Chairman of the Board of Directors (“Chairman”), Song Wang (“Wang”), were under criminal investigation for allegations of enterprise bribery by a government prosecutors’ office in Beijing. Wang resigned as CEO and Chairman.
Further, on May 17, 2019, NASDAQ halted trading in ChinaCache securities.
Then, on May 23, 2019, ChinaCache Internatnl Hldgs Ltd revealed that it received a NASDAQ Notification Letter on May 20, 2019 because the Company was not in compliance with NASDAQ listing requirements as it failed to file timely its annual report on Form 20-F for the fiscal year 2018 (the “NASDAQ Letter”). The NASDAQ Letter also contained inquires to ChinaCache regarding the resignation of its auditor, Grant Thornton China, ChinaCache’s engagement of its new independent auditor, and the allegations of enterprise bribery by ChinaCache and Wang. Trading in ChinaCache securities remains halted, accordingly ChinaCache securities are illiquid and effectively worthless.
According to the complaint the plaintiff alleges on behalf of purchasers of ChinaCache Internatnl Hldgs Ltd (ADR) (NASDAQ: CCIH) common shares between April 10, 2015 and May 17, 2019, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between April 10, 2015 and May 17, 2019, the defendants made false and/or misleading statements and/or failed to disclose that ChinaCache and Defendant Song Wang, the Company's former Chief Executive Officer, were engaged in enterprise bribery, that the foregoing conduct placed ChinaCache and Wang at a heightened risk of criminal investigation and enforcement action by government authorities, which would foreseeably disrupt the Company's operations, and that the defendants' positive statements about ChinaCache's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.