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December 6, 2016 - The court preliminarily approved the settlement.
October 5, 2016 - Parties filed a stipulation of settlement.
March 24, 2016 - Defendants filed a motion to dismiss.
March 10, 2016 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased China North East Petroleum Holdings Ltd (OTC: CNEP) common shares between September 3, 2010 and March 21, 2012. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 3, 2010 and March 21, 2012.
February 24, 2016 - The court granted defendants' motion to dismiss without prejudice.
December 14, 2015 - Defendants filed a motion to dismiss.
October 13, 2015 - The lead plaintiff filed an amended consolidated complaint.
April 6, 2015 - Lead plaintiff and lead counsel were appointed.
March 2, 2015 - Lead plaintiff motions were filed.
December 31, 2014 - An investor in shares of China North East Petroleum Holdings Ltd (OTC: CNEP) filed a lawsuit in the U.S. District Court for the Central District of California against Baker Tilly Hong Kong Ltd for their role as auditor of China North East Petroleum Holdings Ltd's financial statements that are alleged to have been false and misleading.
According to the complaint the plaintiff alleges on behalf of purchasers of China North East Petroleum Holdings Ltd (OTC: CNEP) common shares between January 1, 2010 and April 4, 2013, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that China North East Petroleum Holdings Ltd’s auditor Baker Tilly Hong Kong Ltd, fraudulently issued clean audit reports for China North East’s financial statements.
China North East Petroleum Holdings Ltd reported that its annual Total Revenue rose from $64.66 million in 2009 to $99.55 million in 2010 and that its Net Loss of $22.11 million in 2009 turned into a Net Income of $58.37 million in 2010.
China North East Petroleum Holdings Ltd announced on May 27, 2010, in an 8-K with the U.S. Securities and Exchange Commission (“SEC”) that its audit committee discovered improper cash transfers in 2009 between bank accounts of China North East Petroleum Holdings Ltd and the personal accounts of a certain China North East Petroleum Holdings Ltd officer and a China North East Petroleum Holdings Ltd director. China North East Petroleum Holdings Ltd’s CFO and a director have resigned. China North East Petroleum Holdings Ltd also announced that its CEO was placed on administrative leave and that he stepped down as Chairman of the Board, both pending the outcome of China North East Petroleum Holdings Ltd’s forensic audit. China North East Petroleum Holdings Ltd's stock price has dropped as a result of this adverse news.
December 6, 2016 - The court preliminarily approved the settlement.
October 5, 2016 - Parties filed a stipulation of settlement.
March 24, 2016 - Defendants filed a motion to dismiss.
March 10, 2016 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased China North East Petroleum Holdings Ltd (OTC: CNEP) common shares between September 3, 2010 and March 21, 2012. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 3, 2010 and March 21, 2012.
February 24, 2016 - The court granted defendants' motion to dismiss without prejudice.
December 14, 2015 - Defendants filed a motion to dismiss.
October 13, 2015 - The lead plaintiff filed an amended consolidated complaint.
April 6, 2015 - Lead plaintiff and lead counsel were appointed.
March 2, 2015 - Lead plaintiff motions were filed.
December 31, 2014 - An investor in shares of China North East Petroleum Holdings Ltd (OTC: CNEP) filed a lawsuit in the U.S. District Court for the Central District of California against Baker Tilly Hong Kong Ltd for their role as auditor of China North East Petroleum Holdings Ltd's financial statements that are alleged to have been false and misleading.
According to the complaint the plaintiff alleges on behalf of purchasers of China North East Petroleum Holdings Ltd (OTC: CNEP) common shares between January 1, 2010 and April 4, 2013, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that China North East Petroleum Holdings Ltd’s auditor Baker Tilly Hong Kong Ltd, fraudulently issued clean audit reports for China North East’s financial statements.
China North East Petroleum Holdings Ltd reported that its annual Total Revenue rose from $64.66 million in 2009 to $99.55 million in 2010 and that its Net Loss of $22.11 million in 2009 turned into a Net Income of $58.37 million in 2010.
China North East Petroleum Holdings Ltd announced on May 27, 2010, in an 8-K with the U.S. Securities and Exchange Commission (“SEC”) that its audit committee discovered improper cash transfers in 2009 between bank accounts of China North East Petroleum Holdings Ltd and the personal accounts of a certain China North East Petroleum Holdings Ltd officer and a China North East Petroleum Holdings Ltd director. China North East Petroleum Holdings Ltd’s CFO and a director have resigned. China North East Petroleum Holdings Ltd also announced that its CEO was placed on administrative leave and that he stepped down as Chairman of the Board, both pending the outcome of China North East Petroleum Holdings Ltd’s forensic audit. China North East Petroleum Holdings Ltd's stock price has dropped as a result of this adverse news.
China North East Petroleum Holdings Ltd (OTC: CNEP) Investor Securities Class Action Lawsuit 12/31/2014
fka CNEP: Investor Alert: Lawsuit Alleges False And Misleading Statements
http://www.releasewire.com/press-releases/china-north-east-petroleum-hldng-ltd-otcbbcnep-investor-alert-lawsuit-alleges-false-and-misleading-statements-575731.htm
fka CNEP: Rosen Law Firm Files Securities Class Action Against Baker Tilly Hong Kong Seeking To Recover Shareholders' Losses In China North East Petroleum Holdings Limited Stock
http://globenewswire.com/news-release/2015/01/01/694596/10113795/en/EQUITY-ALERT-Rosen-Law-Firm-Files-Securities-Class-Action-Against-Baker-Tilly-Hong-Kong-Seeking-to-Recover-Shareholders-Losses-in-China-North-East-Petroleum-Holdings-Limited-Stock-.html
fka CNEP: Hong Kong Auditor Baker Tilly Sanctioned By SEC
http://www.nasdaq.com/article/hong-kong-auditor-baker-tilly-sanctioned-by-sec-20141217-00835
ARTICLE: U.S Mistrial Declared Against Executive In Chinese Reverse Merger Case
http://business.asiaone.com/news/us-mistrial-declared-against-executive-chinese-reverse-merger-case
wow what a scam.. all these china stock scams over the past five years...stealing billions from American investors.
Together, these transactions totaled approximately $59 million of related-party activity during 2009. Neither the magnitude nor the volume of these related-party transactions has been fully disclosed to the investing public.
CNEP: SEC FILES FRAUD CHARGES AGAINST CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED; ITS CEO, PRESIDENT AND FORMER CHAIRMAN; ITS FOUNDER AND FORMER DIRECTOR; AND ITS VICE PRESIDENT AND SECRETARY
http://www.sec.gov/litigation/litreleases/2012/lr22552.htm
OUCH!
Hope nobody got hurt buying this junk.
All I got was an assurance that the company was still conducting its business as usual
sorry I was resistance at 50 cents... and I only got a partial. Now, what happened?
Nice move here. Gradual recovery time?
Last year's lawsuit against NEP has been resurrected.
http://newsandinsight.thomsonreuters.com/Legal/News/2012/08_-_August/Stock_price_rebound_no_bar_to_fraud_damages_-_U_S__court/
CNEP apparently still retains a legal firm. I wonder if the company's current "status" will affect this case dealing with past reporting.
Has anyone received any info at all? I've sent several emails to several different people and have got no response. That includes emails to Petrochina.
Zima is a joke. Have received a half dozen replies from him none of which said anything. Left a VM on the other number, no return call yet. Not expecting one due to language barrier.
My last correspondence with him was in June....
"Thank you for your inquiry. At this time, management is assessing the latest developments related to the NYSE delisting process. It is my hope that they will address the NYSE delisting situation with investors shortly. I’ve communicated your concern to management as well. Unfortunately, I do not have any further information at this time but stay tuned for future announcements by the company"
http://www.businessweek.com/videos/2012-07-11/china-development-bank-helps-companies-delist
Think CNEP will see some of that money
I could see CNEP not posting anything to drive down the price of the stock so they could get it cheaper and go private
Im trying to get my brother who lives in Manhattan do take a trip over and see if its more than an empty room with a telephone in the middle of it
ICR no longer represents NEP, according to the guys on the Yahoo CNEP message board. On July 10 one of the posters said he received an email from Bill Zima, quote:
-------------------------------------------------
ICR is no longer affiliated with this company.
Please note that ICR provides external communications support for public companies—we are not part of the company. We assist companies with their external communications only when companies provide us with relevant content to address with the investment community.
NEP has not provided ICR with any content to issue to the market in months.
Try Bill Zima at IR as well. William.Zima@icrinc.com
Thank you, I sent an email and left a voicemail. I will let you know if I hear back.
I have called previously and was referred to the voice mail of Chao Jiang on three seperate occasions by three different people. The only correspondence I've had through the company recently was with Bill Zima at IR but there was very little information he could give me.
I have never received a return call or email. You can email to Chao.Jiang@cnepetroleum.com.
If you Google that address you will see that numerous businesses come up. My guess is that it is a registered agent, or something similar, and that the person that answers the phone there is nothing more than a message taker.
That said, I hope I am wrong and that someone can get some information. I intend to call tomorrow to find out.
Hey BigOnChina I saw you called, would you mind forwarding the email you got from HR to me
Hey I was wondering if anyone gave them a call. They have a working number and have a office in New York. I called and got late today and got a voicemail but I didn't leave a message because Im not sure what to ask. If anyone goes to the office or calls please let me know
445 Park Ave # 10, New York, NY
(212) 307-3568
I agree. If nothing else, Petrochina could step in and buy CNEP for petty cash.
added more today again @ .435 just dont think this is the scam that some claim it is...you just can use Petro-China's name for years without being sued...
good work dude!
now watch out; i think this stock would fluctuate
CNEP - This is a huge bunch of BS. I think CNEP just told the SEC to go screw themselves in the end. There is absolutely nothing in this document that I was not aware of and the fact that they were delisted for it is crap in my opinion. The SEC should be embarassed....
A few of my favorite quotes:
“Despite certain remedial actions announced by the Company after the revelations contained in the JLA report, the Company has repeatedly failed to have adequate board and committee control.”
-like the SEC would have any clue what type of “board control” there is. Do they have a member in the boardroom I'm unaware of?
“Staff has determined that the Company is not in compliance with Sections 134 and 1101 of the Company Guide based on its failure to file its Form 10-K for the year ended December 31, 2011.”
-the company couldn’t possibly file without violating SEC law and opening themselves up to a lawsuit
“Further, the decision by the SEC to temporarily suspend trading in the Company’s securities in March 2012 casts additional doubt on whether the Company’s financial performance is accurately portrayed by its financial statements.”
-Zero proof, none, zilch, zip
“On December 5, 2011, the Exchange notified the Company that, as a result of the retirement of Mr. Edward Rule as a member of the audit committee, it was not in compliance with Section 803(B)(2)(a) in that it only had two out of the requisite three members on its audit committee.”
-The company has until the next annual meeting to come into compliance and that meeting isn’t scheduled till later this year.
“The Company did not appeal the Panel’s decision to the Committee on Securities within the requisite time period or at all and has not otherwise regained compliance with the continued listing standards.”
-They finally said “screw this, we’re outta here”
I’m buying more on Monday.
The NYSE posted their reasons for delisting:
http://www.sec.gov/Archives/edgar/data/787251/000114331312000052/neplform2507062012.htm
actually
It seems that it was a good decision to come out @ 90s...
bought @60s so anyway I made profit...
now its below 80s...
Move over you have company. in @ .85 & .75 now lets have fun
Expected profit taking is all it is.I am bidding .85 but could run back over $1.00 without me. Shall see.
It would appear that the party is over.
It would appear that the party is over.
This was trading on the NYSE several months ago. Gotta admit she looks like a winner.
CNEP .89 LOD
CNEP 1.29 HOD +48%
2 good days...
...and I think I'm happy! lol
Threw out a different stock with a big loss; but bought this one right after and now I feel better! lol
True. Compare with ONVO, IDNG etc and you'll see the difference.
Honestly with the pop over the last couple of days I expected it sooner. Given the continued volume and movement this clearly has not been written off. Lets see what happens...
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China North East Petroleum is a Pioneer in China’s Private Oilfield Production and Services Industry. Through its Chinese subsidiaries Long De Oil & Gas Development Co. Ltd and Yu Qiao Oil & Gas Development Co. Ltd, NEP has entered into 20-year lease agreements with PetroChina Jilin Branch for the extraction of crude oil in Jilin Qian’an Oilfield. Under this arrangement, NEP has agreed to sell all of its extracted oil to PetroChina Jilin Branch for use in the China marketplace.
NEP was established in 2003 under the name of Hong Xiang Petroleum, an independent oil extractor in Song Yuan City, Jilin Province China which possessed the oil reserve leasing rights for Qian’an 112 Oilfield. In 2004, Hong Xiang Petroleum changed its name to China North East Petroleum Holdings Limited and secured a public listing in the United States capital markets.
In 2005 through 2007, NEP acquired additional oil reserve leasing rights of three oilfields (Hetingbao 301 Oilfield, Da’an 34 Oilfield, and Gu’dian 31 Oilfield) bringing total oilfields under management to four. Today, according to a report prepared by PetroChina Jilin Branch of Research Institute for Exploration and Development, total geological reserves of the oilfields that NEP operates total 75 million barrels or 5.5 million barrels of proven reserves according to 2008 SEC proven reserve report prepared by R.E. Davis Associates.*
With a strong track record of oil production management, NEP’s 257 results-driven employees are committed to accelerating production, generating strong cash flow and creating shareholder value.
* For more information on reserves, please refer to the oilfield reserves section.
Corporate Entity Structure
NEP’s business model is simple, relatively low risk and yet efficient and effective.
NEP believes that the strengths of its business model are:
STRONG CASH FLOW
HIGHLY SCALABLE
LOW RESERVE RISKS
NO SALES/ MARKETING COST.
MINIMAL ACCOUNTS RECEIVABLE RISK
With its foundation firmly laid, NEP will execute a multi-pronged strategy to take advantage of the compelling opportunities that have arisen as a result of China’s oil demand and supply gap. Specifically, NEP will:
Accelerate well drilling on NEP’s current oilfields and utilize future cash flows generated to drill more wells.
Further implement mature technologies such as water flooding and CO2 injection to increase production.
Apply to secure additional oilfield leases to increase reserves and oilfield acreage.
Consider the acquisition of E&P related Businesses already in operation in Jilin Oilfield and elsewhere
Wang Hongjun, Chairman and President
Mr. Wang has served as Chairman and President of the Company since May 2004, following completion of the share exchange transaction with Hong Xiang. Mr. Wang has over 15 years experience in the business management and oil industry experience. Before he joined the company, Mr. Wang worked for Jilin Oil Field and Drilling Company as an Executive with the responsibility of overseeing operations and coordinating various projects.
Zhang Yang Dio, Chief Financial Officer
Mr. Zhang has served as Chief Financial Officer of the Company since January 2006.
Prior to NEP, Mr. Zhang served as Controller of Harbin Gloria Inn Mr. Zhang received a Business degree from London College of International Business Study and a degree in Accounting from London South Bank University. Mr. Zhang is a candidate member under the Association of Chartered Certified Accountants (ACCA).
Jiang Chao, Director of Finance and Secretary
Mr. Jiang, based in NEP’s New York office, has served as Director of Finance and Secretary of the Company since 2006. Prior to joining NEP,, Mr. Jiang served as a Financial Manager at Songzai International Holding Group, Inc., a Nevada corporation engaged in the coal mining business. Mr. Jiang holds a Master’s degree in International Business Management from University of Surrey (UK) and received Business degrees from University of Bradford (UK) and Heilongjiang University (China).
Zhang Xiang, Chief Geological Engineer
Mr. Zhang has served as NEP’s Chief Geological Engineer since 2004, having been appointed to this position by PetroChina Jilin Branch. Mr. Zhang has over 20 years oil-drilling experience with the majority of this experience gained in Jilin Oilfield where NEP operates. Besides his regular drilling duties, Mr. Zhang is focusing his attention on implementing mature technologies to increase production. Prior to joining NEP, Mr. Zhang worked for The Research Institution of Geology Exploitation in PetroChina Jilin Branch’s Qian’an oil refinery. Mr. Zhang received a degree in Geological and Oil Extraction Engineering from The Institute of Da Qing Petroleum.
Liu Xiaoyu, Senior Geological Engineer
Mr. Liu has served NEP as a Senior Geological Engineer since 2003, having been appointed to this position by PetroChina Jilin Branch. Mr. Liu has 18 years of geological working experience with the majority of this experience gained in Jilin Oilfield where NEP operates. Prior to NEP, Mr. Liu worked as Team Leader of Geological Data Analysis at The Research Institute of Geological Exploitation in PetroChina Jilin Branch’s Qian’an oil refinery.Mr. Liu received degree in Geology from The Institute of Bu Xing Ming.
Hu Ruishi, Project Manager
Mr. Hu joined the company in 2008 and with over 20 years oilfield working experience he currently serves as project manager. He was appointed by PetroChina Jilin Branch as Chief Technical Representative to Songyuan Yu Qiao Oil & Gas Development Co. Ltd. Mr. Hu has been working as Board of Director of PetroChina Jilin Branch for 6 years since 2001, and as the Chairman of Labor Union at Jilin Research Institute of Exploitation and Oil Drilling since 1987.
Lu Cangshan, Project Manager
Mr. Lu has served as project manager since 2007. He was appointed by PetroChina Jilin Branch as a chief technical representative to Longde Oil & Gas Development Co. Ltd. Mr. Lu has extensive experience in the development of oil drilling projects management and oil extraction and exploitation. He previously worked as deputy director of geological research department at PetroChina Jilin Branch Qian’an oil refinery for almost 15 years.
Mr. Lu received geology degree from The Institute of Jilin Petroleum.
Wang Chunsheng, Production Manager
Mr. Wang was recently appointed by PetroChina Jilin Branch to Songyuan Yu Qiao Oil & Gas Development Co. Ltd. and served as production manager for the company. He previously worked as an engineer to support and supervise the PetroChina Jilin Branch Qian Guo Fuli Oil Refinery daily operation and production since 1997 and worked for Xin Li Oil-Drilling Factory for almost 15 years as an engineer. Mr. Wang graduated from the Institute of Jilin Petroleum.
Management Hierarchical Structure
Wang Hongjun, Chairman
Mr. Wang has served as Chairman and President of the Company since May 2004, following completion of the share exchange transaction with Hong Xiang. Mr. Wang has over 15 years experience in the business management and oil industry experience. Before he joined the company, Mr. Wang worked for Jilin Oil Field and Drilling Company as an Executive with the responsibility of overseeing operations and coordinating various projects.
Yu Liguo, Director
Mr. Yu has served as Director of the Company since June 2004. In 2003, Mr. Yu was elected a director of Harbin Hong Xiang Petroleum Services Limited, a wholly-owned subsidiary of the Registrant. From 2000 to 2003, Mr. Yu was employed by Jilin Yong Ji Telecommunication Company as General Manager. Prior, Mr. Yu was employed by the Department of Industrial & Commercial Bank of China as Vice Manager of Human Resources from 1997 to 2000. Mr. Yu received a bachelor degree in International Finance from Jilin Financial College.
Robert Bruce, Independent Director and Chairman of Audit Committee
Mr. Bruce is President of Oakmont Advisory Group, LLC, a financial management consulting firm located in Portland, Maine. Prior to founding Oakmont Advisory Group, from 1999 through 2004 he served as Chief Operating Officer, Treasurer and Director for Enterix Inc., a privately-held, venture-funded medical device and laboratory services company that was purchased by Quest Diagnostics. He also previously served as Chief Financial Officer for Advantage Business Services (1997 to 1998), a privately-held national payroll processing and tax filing business that was subsequently acquired by PayChex. Mr. Bruce is a member of the Board of Directors of Immucell Corp., a NASDAQ listed manufacturer of animal health products. Mr. Bruce received his MBA from the Yale School of Management, and a Bachelor of Arts degree in East Asian Studies from Princeton University. Mr. Bruce speaks fluent Mandarin Chinese.
Edward Rule, Independent Director and Chairman of Compensation Committee
Mr. Rule is Chairman of TDR Capital International Limited, a Hong Kong based financial services house. Most of his career has been spent in China, initially as a diplomat and subsequently as an investment banker with the Standard Chartered Group and private equity professional with the $800 million Asian Infrastructure Fund. He is a graduate in Chinese language of the University of Melbourne and the Australian National University. He speaks Mandarin Chinese and Cantonese. He has been director of several listed companies in Hong Kong and Australia.
Li Jingfu, Independent Director and Chairman of Nominating Committee
Mr. Li is the Chairman and top representative of Joint Management Committee of Qian Guo County Longhai Petroleum & Natural Gas Co., Ltd. and was appointed to that position by Petro China’s Jilin branch in 2005. Mr. Li has been in the petroleum industry since 1970. In his extensive career he has served as Vice Monitor for Jiang Han Oil Field’s comprehensive logging team, Secretary of Command Department of Petroleum Hui Zhan in Jilin Province, Vice President of Jilin Oilfield Exploration and Development Research Institute. From 1995 to 2002, Mr. Li was appointed by PetroChina’s Jilin branch to serve as General Manger of management and production operation of oil exploitation of Jilin Jiyuan Petroleum & Natural Gas Development Co. Ltd. From 2002 to 2005, Mr. Li, served as Project Manager of Song Yua City Qian Yuan Oil & Gas Development Co., Ltd. also by appointment by PetroChina’s Jilin branch. Mr. Li received his bachelor’s degree from Chang Chun Geology Institute in Jilin, China.
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