This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

CNinsure Announces Agreement To Settle Securities Class Action

Stocks in this article: CISG

GUANGZHOU, China, April 8, 2014 (GLOBE NEWSWIRE) -- CNinsure Inc. (Nasdaq:CISG) (the "Company" or "CNinsure"), a leading independent insurance intermediary company operating in China, today announced that the United States District Court for the Southern District of New York (the "Court") has preliminarily approved the proposed agreement to settle a class action lawsuit against the Company that was initially filed on October 17, 2011 and later consolidated on August 13, 2012. The claim against several officers of the Company was previously dismissed on June 24, 2013.

Under the terms of the proposed agreement, which is subject to final approval by the Court and class notice administration, the Company has agreed to pay $6.625 million to the settlement fund to resolve all claims asserted on behalf of purchasers of its American depository shares during the period from March 2, 2010 through and including November 21, 2011. The payments will be covered by the Company's director and officer liability and company reimbursement insurance.

The proposed settlement agreement contains no admission of liability, fault or wrongdoing by the Company. The Company denies any and all of the allegations made against it by the class in the litigation and has agreed to settle this matter solely to eliminate the uncertainties, risks, costs and burdens of further protracted proceedings. The settlement agreement should not be construed as an admission by the Company or any of its directors or officers with respect to any claim of fault, liability, wrongdoing or damage.

"We believe the settlement is in the best interest of the Company and our shareholders as it avoids unnecessary expenses and distractions from a time-consuming litigation process," said Mr. Chunlin Wang, CNinsure's chief executive officer. "We are pleased to put this matter behind us so that we can focus on the development of our business going forward."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,380.05 -36.80 -0.21%
S&P 500 2,016.83 -4.42 -0.22%
NASDAQ 4,698.6730 +15.2660 0.33%

Partners Compare Online Brokers

Free Reports

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