Pingtan Marine Enterprises Secures Dismissal of Class Action

A multi-disciplinary litigation team led by Manatt partners Ron Blum and Yuri Mikulka secured a victory for Pingtan Marine Enterprises (PME), the second largest fishing and marine company in China, in a securities class action filed in the Southern District of New York. The district court adopted all of the team’s arguments and entered a judgment that has closed the case.

In early 2015, the plaintiffs filed a complaint alleging that PME had falsely represented in its securities filings that it received profits from its wholly-owned subsidiary based in China.

Manatt filed a thorough motion to dismiss on various grounds, including that its securities filings were not materially misleading and the complaint did not allege loss causation.

In addition to Bhoumik, Blum and Mikulka, the litigation team included associates Caleb Bean, Eric Chen, Sunny Hwang and Jeremy Lacks. Insurance recovery partner Susan White and corporate partners Tom Poletti and Katherine Blair provided guidance in the case, as well.

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