This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Crone Law Group Announces Dismissal Of Lawsuit Against Its Client China North East Petroleum Holdings Limited

Stocks in this article: NEP

SAN FRANCISCO and BEIJING, June 6, 2011 /PRNewswire-Asia/ -- The Crone Law Group (the "Firm" or "CLG"), a corporate, securities and litigation law firm, announced today the dismissal of a consolidated shareholder derivative action against its client, China North East Petroleum Holdings Limited (the "Company" or "NEP") (NYSE Amex: NEP), and certain of its current and former officers and directors, which was pending in the United States District Court for the Southern District of New York.

Led by senior litigation attorney Michael Coffino, CLG's litigation team (including also litigation attorney Jaime Santos and legal assistant Falyn Jackson) has represented NEP in the three consolidated shareholder derivative actions since they were filed in mid-2010 against the Company and several of its directors and officers.  After the court consolidated the three actions and plaintiffs filed an amended consolidated complaint, the Firm prepared and filed a motion to dismiss the consolidated action, on which the Court heard oral argument on May 26, 2011.  At the hearing, the District Court Judge ordered the dismissal of the consolidated action and the next day, May 27, the Clerk of the Court entered Judgment dismissing the entire action.

CLG is also defending NEP in 3 consolidated securities class action suits in which motions to dismiss have been filed and await ruling.

"We are proud to have the opportunity to act for NEP in these matters.  The ruling of the court dismissing the shareholder derivative actions vindicates the contention of our client that the lawsuit was without merit.  Disposing of the entire matter is a significant step for the Company and we are honored to have handled the matter for the Company successfully," commented Mark Crone of The Crone Law Group.  Mr. Jingfu Li, CEO of China North East Petroleum commented: "We are most pleased to receive word of the court's ruling.  The Crone Law Group litigation department has been thorough, relentless and passionate in their efforts to dispose of this matter for the Company and we very much appreciate their loyal and hard work."

About Crone Law Group

The Crone Law Group is a San Francisco, California-based corporate, securities and litigation law firm with additional offices in Beijing, China and Los Angeles, California. The Firm's expertise includes providing legal services for reverse mergers, corporate finance, M&A and U.S. securities law matters as well as business and securities litigation services.  CLG has established a robust practice over the past 10 years through its strong understanding of the needs of small public and private companies, creative fee structures and big firm quality service at small firm prices.  Additional information can be found at the Company's website

Mark E. Crone415 955-8900 (office)860.202.6845 (cell) ( China cell) Linxiao Han+(86) 10 6561-8959 (office)+(86) 159 1076 7893 (cell)

SOURCE Crone Law Group

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs