Recent Securities Litigations
China Zenix Auto International Limited (NYSE: ZX)
According to the Complaint, China Zenix designs, manufactures, and sells commercial vehicle wheels to aftermarket and original equipment manufacturers in the People's Republic of China and internationally. It offers: tubed steel wheels; tubeless steel wheels; off-road steel wheels; aluminum wheels; and wheel components, such as wheel discs.
The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) China Zenix's trading actions in connection with its compliance with the NYSE Continued Listed Requirements were contrary to public policy; (2) China Zenix had inadequate internal controls over financial reporting; and (3) as a result of the foregoing, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 17, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on April 23. Defendants filed a Motion to Dismiss the amended Complaint on September 11. On June 12, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.