Quelle: yahoo massage board
( vielleicht bringts ja was......., jedenfalls steht viel wahres geschrieben....., es wird zeit für eine urteilsfindung!)
Dear Judge McMahon:
We represent XXXXXXX who is a minority shareholder in Advanced Batteries Technologies, Inc. (“ABAT”), which is a defendant in the above-referenced securities fraud class action lawsuit. As Your Honor is aware, this matter was initiated by a complaint filed on April 6, 2011. A “Settlement in Principle” was proposed 10 months ago in October of 2012. Subsequently, over 3 months ago on April 25, 2013 a “Stipulation of Settlement” was submitted to the Court by the plaintiffs with certain stipulations that needed to be met by the Defendants. As a shareholder, XXXXXXXXXX has patiently watched the value of XXXX holdings in ABAT plummet over the past 2 years as a combined result of the short seller attack, the class action lawsuit, ABAT’s withholding financial information during the pendency of this matter and the length of time for the legal proceedings to unfold. This situation has now been ongoing for more than 2 years since the initial drop in share price.
The loss in market cap of Advanced Battery Technologies over the period since the short seller’s reports and today has been approximately $200,000,000. The small settlement of $275,000 which will result in virtually nothing to the aggrieved shareholders has seemed to XXXXXXXXX an absurd waste of the courts time and resources and has only delayed the achievement of justice in this process. This is especially true given that the “Truth of the Matter” is still invisible to the aggrieved shareholders with each side maintaining their original positions which were almost diametrically opposed from the beginning. We, therefore, respectfully request that this Court use its discretion to expedite its evaluation of the proposed settlement and issue a final ruling as soon as is practicable.
As a shareholder, XXXXXXXX highly appreciates Your Honor’s fair opinion expressed in docket entry 90 that
“. . .If Defendants convince me that only some of the statements Plaintiffs rely on were false, a disaggregation argument may be apt. In that case, the effect of the revelation of the false statements will have to be disaggregated from the effects of Variant View's misreporting on ABAT's true statements.”
Since Discovery was stayed by Your Honor , we would further point out that during this litigation, ABAT has continuously failed to publicly produce any financial information on the company. XXXXXXXX has been informed that in other Class Action Lawsuits involving Chinese RTO’s, defense counsel is advising their clients to cease disclosing their financial information to the SEC during the pendency of these matters. As this Court is likely aware, ABAT has also stopped reporting to the SEC, which contributed to ABAT being delisted from Nasdaq on December 16, 2011. Accordingly, there has not been, for at least two years, any publicly-available financial information on ABAT to the detriment of the shareholders.
As a result of the factors mentioned above, ABAT’s trading volume and stock price have plummeted. Additionally, shareholders, like XXXXXXXXXX cannot ascertain the present fair value of their equity holdings and/or exit their positions at fair value because they do not have the information necessary to determine if they should sell, buy, or hold ABAT securities.
A review of the docket reveals that on July 18, 2013 Your Honor entered an order denying Plaintiffs’ motion for leave to file a second amended complaint as it would not withstand a motion to dismiss. As there were no remaining claims against the auditors and settlement is pending with the ABAT defendants, said Order also required that the Plaintiffs’ apprise the Court within one week if the class certification motion needed to be reached.
Per docket entry 107, on July 30, 2013, Your Honor entered an order striking the class certification as Plaintiffs failed to meet the Court’s one week deadline regarding its motion to certify the class. As such, the only outstanding issue in the instant litigation is approval of the settlement agreement which has been outstanding for over three months.
Resolution of this matter through approval of the settlement agreement, therefore, seems to be the only way in which ABAT will again begin publicly sharing its financial information and the process of justice can move forward. Then shareholders of ABAT and Ms. Williams will be once again able to evaluate the value of their holdings and determine their trading strategies. As such, prolonging approval of the final settlement harms current shareholders like XXXXXXXXX. Accordingly, XXXXXXXX respectfully requests that this Court use its discretion to expedite its evaluation of the proposed settlement and issue a final ruling as soon as is practicable. Thank you for your consideration of this request.
Respectfully submitted,......
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weiterhin:
09/10/2013 109 CALENDAR NOTICE: Status Conference set for 9/12/2013 at 10:30 AM in Courtroom 14C, U.S. District Court, 500 Pearl Street, New York, NY 10007 before Judge Colleen McMahon. Any scheduling difficulties must be brought to the attention of the Court in writing and faxed to Chambers at (212) 805-6326. (Signed by Judge Colleen McMahon on 9/10/2013) (ft) (Entered: 09/10/2013)
und:
Docket Number: 13-3173
A notice of appeal was filed on August 19, 2013. Appellant's Forms C and D were due
September 03, 2013. The case is deemed in default.
IT IS HEREBY ORDERED that the appeal will be dismissed effective September 18,
2013 if the forms are not filed by that date.
ORDER, dated 09/04/2013, dismissing appeal by 09/18/2013, unless appellant Ruble Sanderson, submits forms C and D, FILED.[1032292] [13-3173]
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