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Class Action Lawsuit Dismissed Against 51job.com
November 22, 2006 |
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| Category: Law & Policy
Chinese online job website 51job.com (JOBS) announced that the consolidated securities class action complaint against the company and some of its directors and senior executive officers has been dismissed.
Beginning in January 2005, several complaints were filed in the United States District Court for the Southern District of New York against the company and certain of its directors and senior executive officers.
The complaints sought unspecified damages on alleged violations of federal securities laws during the period from November 4, 2004 to January 14, 2005. The Court subsequently consolidated the complaints and appointed a lead plaintiff.
On September 28, 2006, the Court issued an order granting the defendants' motion to dismiss the consolidated complaint, with leave to amend on or before October 30, 2006. No amended complaint was filed. On November 17, 2006, the Court entered an Order dismissing the action with prejudice.
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