June 13, 2013
China Automotive Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS)
, a leading power steering components and systems supplier in
, today announced that, on
May 31, 2013
, the U.S. District Court for the Southern District of
declined to certify a class of investors in a securities fraud class action suit against the Company. Due to this denial, depositions in this case have been postponed or canceled, and the case will proceed only on behalf of the individual named plaintiffs and not as a class action.
The Company is being represented by the international law firm of Winston & Straw LLP and it continues to contest the plaintiffs' individual allegations, which the Company believes to be meritless.
About China Automotive Systems, Inc.
the People's Republic of China
, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through ten Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 4.0 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd., and Chery Automobile Co., Ltd. in
and Chrysler North America. For more information, please visit:
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent the Company's estimates and assumptions only as of the date of this press release. The Company's actual results may differ materially from the results described in or anticipated by these forward-looking statements due to certain risks and uncertainties, including those described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on
March 27, 2013
, and in documents subsequently filed by the Company from time to time. The Company expressly disclaims any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
For more information, please contact: