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fool2trade 1 post  |  Last Activity: Sep 30, 2014 5:54 PM Member since: Mar 21, 2011
  • fool2trade by fool2trade Sep 30, 2014 5:54 PM Flag

    Is this our AOBI?

    Chinese Pharma Co. Ducks Investor Suit Over Botched Sale

    Share us on: By Jessica Corso
    Law360, New York (September 24, 2014, 5:10 PM ET) -- A California federal judge on Tuesday tossed a putative class action brought by shareholders of China-based American Oriental Bioengineering Inc., saying that the board of directors' failure to disclose an unsuccessful subsidiary sale did not amount to securities fraud.

    U.S. District Judge Fernando M. Olguin ruled that the lead plaintiffs failed to prove that AOB acted recklessly in releasing several quarterly earnings reports that glossed over the fact that it sold Nuo Hua Investment Co. Ltd. at a loss of nearly $1 million or that it...

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