honestengine_rh
6 years ago
According to page 21 of Eros' lawsuit, Geo settled with Longwei:
83. Since 2011, GeoInvesting has been named as a defendant in at least two
defamation suits accusing it of publishing false statements as part of short and distort schemes.
See Sino Clean Energy Inc. v. Alfred Little, et al., No. 651248/2011 (Sup. Ct., N.Y. Cty. 2011);
Longwei Petroleum Investment Holding Limited v. GeoInvesting LLC, No. 2:13-cv-01442 (E.D.
Pa. 2013). On information and belief, GeoInvesting paid to settle both lawsuits confidentially.
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=FcrnNlWrNExp_PLUS_7kZDE6AhQ==
honestengine_rh
6 years ago
My guess is after the June 30 audit.
Eros got a lawyer from Kasowitz, who was Trump's lawyer for a while. You can click on and follow the case (see second paragraph below).
"The Company previously announced that it retained Michael J. Bowe, a partner of Kasowitz Benson Torres LLP, to investigate and pursue all available legal remedies against those responsible for these blatant attempts at market manipulation. Counsel is continuing its investigation. Anyone with information about those responsible for the dissemination of this disinformation can submit that information confidentially at (212) 506-1777."
"The case is 653096/2017 at the New York County Supreme Court. The complaint (pdf) is 115 pages long. First, Iβll start with the defendants, some of whom are well-respected short sellers. I have grouped the defendants below according to firm and employee/employer relationships."
https://www.goodetrades.com/2017/10/eros-international-plc-eros-sues-large-number-of-short-sellers/
honestengine_rh
6 years ago
It looks like the SDNY is getting wise. The shareholder lawsuit against Eros was dismissed, meaning they did not believe the short-sellers. They may have learned something from Longwei's case.
"Eros International Plc (EROS) (βErosβ), a leading global company in the Indian film entertainment industry, today announced that the United States District Court for the Southern District of New York has dismissed, with prejudice, the putative securities class action that was originally filed in November 2015 against Eros and certain of its officers and directors."
https://finance.yahoo.com/news/eros-international-plc-announces-dismissal-134500387.html
honestengine_rh
7 years ago
This is will force Longwei to either appeal, re-incorporate or go private. The value of the company and the stake that each shareholder has will not change. Currently, the book value is about $8 a share. Their near billion dollars in assets in China cannot be touched by Americans.
Remember, Harbin Electric went private at $24 a share. If it comes to that, we would also be paid a fair price.
https://www.reuters.com/article/usa-china-harbin/short-seller-target-harbin-electric-goes-private-idUSN1E79S08X20111029
BTW, I notice that there are no more short transactions. The new chief at the SEC might be cracking down on the riff-raff.
All shareholders should write a letter to Longwei with a copy of the notice in case they are not aware. Their address is:
No. 30 Dajingyu Street, Xiaojingyu Xiang, Wan Bailin District, Taiyuan City,
Shanxi Province, China 030024