NY Judge Dismisses Class Action Suit Against China North

China North Exec, Consultant Cut Loose From Investor Suit
– Law360

Law360 covered Manatt’s Andrew Morrison’s, co-chair of the firm’s financial services litigation practice, successful representation of Ralph E. Davis Associates Inc., in connection with its proved oil reserves estimate set forth in China North East Petroleum Holding Ltd.’s public filings. A federal judge dismissed the securities fraud claims asserted against the consulting firm in a putative investor class action, ruling that the plaintiffs failed, as a matter of law, to establish scienter.

China North was facing investor class action accusations of improper accounting and embezzlement. The judge’s order stated that the defendants’ behavior not only failed to establish scienter, but it exonerated him from any allegations of wrongdoing.

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