Plaintiffs' Lead Counsel Announces Partial Settlement In China Integrated Energy, Inc. Securities Litigation

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Mar 24, 2015, 08:30 ET

PHILADELPHIA, March 24, 2015 /PRNewswire/ -- Plaintiffs' Lead Counsel, Abraham, Fruchter & Twersky, LLP, today announced that a partial settlement has been reached with Sherb & Co. LLP ("Sherb"), subject to Court approval, in a class action lawsuit including purchasers of China Integrated Energy, Inc. stock from March 31, 2010 to April 21, 2011.

A partial settlement has been proposed in a class action lawsuit about the price of China Integrated Energy, Inc. (CBEH) stock. The settlement with CBEH's auditor, Sherb, will provide $400,000 to pay claims from investors who bought the CBEH stock from March 31, 2010 to April 21, 2011. If you qualify, you may send in a claim form to get benefits, or you can exclude yourself from the settlement, or object to it. This Settlement is only as to defendant Sherb. The case is ongoing as to other defendants.

The United States District Court for the Central District of California authorized this notice. Before any money is paid, the Court will have a hearing to decide whether to approve the settlement.

Who's Included?
The Settlement Class includes all persons and entities, other than defendants and their affiliates, who purchased or otherwise acquired the common stock of China Integrated between March 31, 2010 through April 21, 2011, including persons or entities that purchased common stock pursuant and/or traceable to the Company's Registration Statement, effective May 19, 2010, and the Prospectuses issued in connection with the Company's Secondary Offerings on or about December 28, 2010 through January 7, 2011.

If you are not sure you are included, you can get more information, including a detailed notice and proof of claim form, at www.ChinaIntegratedSettlement.com, or by writing to the following address or calling the following toll free telephone number: China Integrated Securities Litigation Settlement c/o Angeion Group, 1801 Market St., Suite 660, Philadelphia, PA 19103, Telephone: 1-877-300-3441.

What's this About?
This lawsuit claims that Defendants improperly overstated China Integrated's revenues and financial condition in its financial statements filed with the U.S. Securities and Exchange Commission, which were audited and certified by Defendant Sherb. Defendants have denied and continue to deny that they did anything wrong.

What does the Settlement Provide?
Sherb agreed to create a fund of $400,000 to be divided among all Settlement Class Members who send in valid claim forms (after deduction of Court-approved expenses). The settlement agreement and the detailed notice, available at the website below, describe all of the details about the proposed settlement and proposed settlement payment. Your share of the fund will depend on the number of valid claim forms that Class Members send in, how many shares of CBEH stock you bought, and when you and when you bought and sold them.

How do you Ask for a Payment?
A detailed notice and claim form package contains everything you need. Just call or visit the website below to get one. To qualify for a payment, you must send in a claim form. Claim forms are due by June 15, 2015.

What are your Other Options?
If you don't want to be legally bound by the settlement, you must exclude yourself by May 29, 2015, or you won't be able to sue, or continue to sue, Sherb about the legal claims in this case. If you exclude yourself, you can't get money from this settlement. If you stay in the settlement, you may object to it by June 22, 2015. The detailed notice explains how to exclude yourself or object.

The Court will hold a hearing in this case (Brown v. China Integrated Energy, Inc., et al., No. 11-cv-2559-BRO(PLAx)) on July 13, 2015, to consider whether to approve the settlement and a request by the lawyers representing all Class Members (Abraham, Fruchter & Twersky LLP) for attorneys' litigation expenses not to exceed $100,000 to be paid from the Settlement Fund, incurred in investigating the facts, litigating the case, and negotiating the settlement. Inquiries, other than requests for the detailed notice and a proof of claim form, may be made to class counsel: Ian Berg and Takeo Kellar, Abraham, Fruchter & Twersky LLP, 12526 High Bluff Dr., Ste. 300, San Diego, CA 92130, Tel.: (858) 792-3448.

SOURCE Angeion Group