China-Biotics, Inc.

Case Details

Class Period:
July 10, 2008 – August 30, 2010
Date Filed:
October 13, 2010
Case Number:
1:10-cv-07838-PAC
Jurisdiction:
Southern District of New York

Case Summary

Saxena White filed the original action against China-Biotics, Inc. and certain executives on October 13, 2010. Defendants misled investors about the quality, nature, and quantity of China-Biotics' purported retail outlets and stores. On February 10, 2011, Saxena White was appointed as Co-Lead Counsel. Plaintiffs filed a Second Amended Complaint on January 9, 2012. Defendants filed their Motions to Dismiss on February 27, 2012.

During the pendency of the motions to dismiss, the parties began negotiations towards a possible settlement of the action.  As a result of these efforts, the parties agreed to a settlement pursuant to which Defendants agreed to pay $1.4 million to resolve the claims brought forth in the action, as well any amount remaining on China-Biotics’ Insurance Policy after payment of all defense fees and costs.  On May 8, 2015, the Court preliminarily approved the Settlement and form of notice given to the Settlement Class.  On September 10, 2015, the Court entered the Final Order approving the Settlement, awarding attorney fees and reimbursement of litigation expenses, awarding Lead Plaintiffs’ reimbursement of their reasonable costs and expenses, and approving the Plan of Allocation.