Class Action Lawsuit Against Nam Tai Dismissed PDF Print E-mail
Written by Mike Buetow   
Wednesday, 08 January 2014 08:55

SHENZHEN -- Nam Tai Electronics announced that a US class action lawsuit filed against the company and two of its executives by several shareholders has been voluntarily dismissed by the plaintiffs, with prejudice. No payment or consideration of any kind was made by any of the defendants in connection with the dismissal.

"We are pleased to put this matter behind us," said Koo, executive chairman and chief financial officer, in a statement. "With this resolution, we can move forward and continue to focus on our new corporate development."

Nam Tai was hit with the suit on May 17, 2013, following massive losses at its liquid crystal module production site. The suit alleged that the EMS company made false and misleading statements regarding the nature of its customers and business, and that it failed to disclose material adverse facts about the company's business, operations, and prospects.

 

 

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