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Thank you for your inquiry about the China Energy Savings Technology Securities Litigation.
The purpose of the notice which is circulated over the internet at the beginning of the case is to permit those class members with the largest losses to come forward as lead plaintiffs (which are the class members who are then involved in making important decisions with the attorneys during the litigation, as clients are involved in non-class lawsuits). If you suffered losses of more than $ 25,000.00, from purchases made between April 21, 2005 and February 15, 2006, we believe that you should seriously consider seeking to become one of the lead plaintiffs in the action. Please contact us toll free at (800) 797-5499 to discuss this option further.
If you purchased the securities during the class period, your transactions are already covered in the class action cases that have been filed; as a result, there is nothing that you need to do at this time. Once a case is formally certified as a class action (which is not likely to happen for approximately 18 months and is often done as part of a proposed settlement), you will receive notification of that event from the same source (typically your stock broker) from whom you have previously received other information concerning the Company (such as annual reports). At that time, you will be asked to complete a proof of claim form and attach documentation of your purchases and sales (if any), including trade confirmations or monthly brokerage statements showing all purchases and sales during the class period, as well as a monthly brokerage statement showing the number of shares held at the beginning and end of the class period. As we have found that investors often have a more difficult time finding that information 2-3 years after the lawsuit begins, please save all documentation of your trades. Please also note that you need not continue to hold onto your stock in order to participate in any recovery in the class action, as the claim is that the price of the shares was artificially high when you purchased them.
Unfortunately, class action litigation tends to proceed rather slowly. You may contact us by e-mail or toll free at (800) 797-5499 for an update on the case or if you have any further questions. As we will try to keep you posted of further developments in the case, as well as to inform you of any other cases in which you might be interested, please let us know if your e-mail address changes.
There is no way that we can predict what the recovery will be for each class member at this time. The amount of the recovery will depend upon the evidence of liability and damages, the ability of the defendants to cover the damages directly or through insurance, and the number of class members who file claims.
Finally, if you (or your friends) ever suffer losses from an investment in a publicly traded company which has taken a sharp or sudden drop in price, please feel free to contact us by phone, e-mail or through our website (www.snlaw.net); we will research whether your losses may have resulted from improper conduct by that company's officers or directors. If the drop in the price of the company's securities resulted from the disclosure of adverse information which was known (but not disclosed) by management, it is likely that there will be a sufficient basis for the assertion of a class action to recover the losses suffered by investors. In addition, there is no direct cost to you if a class action is initiated as we advance all expenses necessary to prosecute the class action and handle class action litigation on a contingent-fee basis (i.e., we are only reimbursed expenses or awarded fees out of the fund obtained for the class if the case is settled or won at trial, and only after a hearing by the court on the reasonableness of the fee, after notice to all class members). Please remember that no one will recover anything unless someone initiates an investigation and a case.
Sincerely,
Nancy A. Kulesa
Schatz & Nobel, P.C
