HARBIN, China, May 1, 2013 /PRNewswire/ -- China Education Alliance, Inc. ("China Education Alliance" or the "Company", OTCQX: CEAI), a China-based education resource and services company, is pleased to announce that the consolidated securities class action lawsuit captioned In re China Education Alliance, Inc. Securities Litigation, filed against China Education Alliance in the United States District Court for the Central District of California ("The Court"), has been settled and dismissed.
The Court had previously granted final approval of the settlement in a related shareholder derivative lawsuit filed against certain of the Company's past and present directors and officers, captioned Padnos v. Yu, et al., and that settlement has also become final and effective.
About China Education Alliance, Inc.
China Education Alliance, Inc. ( http://www.chinaeducationalliance.com) is a leading educational services company offering high-quality instructors and online education materials for students between the ages of 6 to 18 and adults (university students and professionals) aged 18 and over. Divided into two segments, students and graduate professionals, our business model delivers the skills and knowledge necessary to excel in a rapidly growing and highly competitive China. The Company provides students in the first segment with online education materials sourced from top tier schools and famous instructors for download, as well as online training and tutoring services. With teaching centers located across China, the Company also offers hands on training and tutoring to aid Chinese students pass the two most important tests they will face in their educational careers: the senior high school entrance and college entrance exams. In the second segment for graduates and professionals, China Education Alliance provides vocational training courses in subjects including IT, administration, multimedia, as well as several professional training programs.Safe Harbor Statement