China Integrated Energy Investors Denied Class Cert.August 4, 2014 – In The News
Peter C. Buckley, Joshua Horn, Christine Soares and Jeffrey S. Kravitz were featured in the Law360 article "China Integrated Energy Investors Denied Class Cert." While the full text can be found in the August 4, 2014, issue, a synopsis is below.
On August 4, 2014, a federal judge in California refused to certify a class of China Integrated Energy Inc. shareholders who claimed the company misstated its 2009 revenue in a regulatory filing. The judge ruled that the plaintiffs failed to prove that the presumptive class was based on the company's supposed misrepresentations because they cited a flawed expert allegation.
Peter C. Buckley represents some of the director defendants and told Law360, "We are pleased with Judge O' Connell's decision and her thoughtful analysis of the issues.”
Buckley elaborated, “The decision is an important one, coming on the heels of Halliburton II, and makes several important points about event studies, including emphasizing the importance of the expert’s own experience with event studies as a test for market efficiency and the need to avoid subjective bias in selection criteria."
The defendants in this case are represented by Peter C. Buckley, Joshua Horn, Christine Soares and Jeffrey S. Kravitz of Fox Rothschild LLP.