China Valves Technology, Inc.
China Valves Technology, Inc. Securities Settlement
The lawsuit was settled for $1.5 million in cash. The following is a summary of the proceedings in the lawsuit: ‘The defendants to the class action lawsuit are China Valves and certain of its current or former officers and directors, who are Siping Fang, Jianbao Wang, Gang Wei, Renrui Tang, Ichi Shih, Binjie Fang, Zengbiao Yu, Peter Li, William Haus, and Bin Li. Plaintiffs in the class action allege that the defendants violated the federal securities laws by making materially misleading statements or omissions related to the Company acquisition of Watts Valve (Changsha) Co., Ltd. (Changsha Valve). Defendants in the lawsuit deny that they did anything wrong. The Settlement resolves all of the claims in the lawsuit.’