Recent Securities Litigations
SORL Auto Parts, Inc. (NASDAQ: SORL)
According to the Complaint, SORL Auto Parts, Inc., through its 90% ownership of Ruili Group Ruian Auto Parts Co., develops, manufactures, and distributes automotive brake systems and other key safety related auto parts to automotive original equipment manufacturers and the related aftermarket both in China and abroad.
On November 29, 2019, SORL Auto Parts, Inc. announced that it had entered into an agreement and plan of merger with Ruili International Inc. Pursuant to the terms of the Merger Agreement, SORL stockholders will receive $4.72 in cash for each share of SORL common stock they own.
On February 11, 2020, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.