Court Authorizes Distribution of Net Settlement Fund
On March 30, 2017, the Court entered an Order granting Plaintiffs' Motion seeking authorization to distribute the Net Settlement Fund. Accordingly, following the expiration of the time to appeal from the Order, checks will be mailed to Authorized Claimants. It is anticipated that the checks, assuming no appeal is filed, will be mailed by mid-May.
Court Grants Final Approval To Settlement In Yongye International, Inc. Shareholder Litigation
At a hearing held on March 3, 2016, the Eighth Judicial District Court, Clark County, Nevada granted final approval to a proposed settlement in In re Yongye International, Inc. Shareholder Litigation, Consolidated Case No. A-12-670468-B. The deadline to file a Proof of Claim is May 2, 2016.
Court Preliminarily Approves Proposed Settlement In Yongye International, Inc. Shareholder Litigation
At a hearing held on November 19, 2015, the Eighth Judicial District Court, Clark County, Nevada granted preliminary approval to a proposed settlement in In re Yongye International, Inc. Shareholder Litigation, Consolidated Case No. A-12-670468-B. The consolidated action arises out of claims that the members of the board of directors of Yongye International, Inc. (“Yongye”) breached their fiduciary duties in connection with the acquisition of Yongye by a buyer group headed by Zishen Wu, the Chairman of the Board and founder of Yongye (“Merger”) (and were aided and abetted by the members of the buyer group). The proposed settlement provides, among other things, for a settlement fund of $6 million, to be distributed pursuant to a plan of allocation described in the Notice of Pendency of Class Action, Proposed Settlement of Class Action, and Settlement Hearing. The settlement also acknowledges that certain further public disclosures in Yongye’s proxy materials made during the pendency of the Action prior to the shareholder vote on the Transaction mooted claims made by Plaintiffs that Defendants failed to disclose material information to Yongye shareholders. Plaintiffs contended that the disclosure of such information was necessary in order for Yongye shareholders to make an informed vote on the Merger. These disclosures were subsequently made to Yongye shareholders as part of Yongye’s later public filings with the SEC. A copy of those mooted disclosures is attached to the Stipulation of Settlement. The Court scheduled a hearing to consider final approval of the settlement for March 3, 2016, 8:30 a.m. The deadline to file a Proof of Claim was May 2, 2016.
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