Market Overview

Delaware Court Dismisses Shareholder Derivative Claims Against China Automotive

Share:

China Automotive Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS) today announced that, on August 30, 2013, the Court of Chancery of the State of Delaware dismissed each of the shareholder plaintiffs' derivative claims with prejudice and without leave to amend, in a suit against the Company and its board of directors.  

The Company is being represented by the international law firm of Winston & Strawn LLP. The Company's lead attorney on the case, Neal Marder of Winston and Strawn, commented that, "this court's decision fully vindicated the Company, its board and audit committee by determining that the plaintiffs in the case failed to properly state any claim for violation of any fiduciary duties."

About China Automotive Systems, Inc.

Based in Hubei Province, 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

See full press release

Posted-In: News Guidance Contracts Management Global

 

Related Articles (CAAS)

View Comments and Join the Discussion!