Courtesy of Benzinga
China North East Petroleum Holdings Limited (NYSE: NEP) today announced that on July 8, 2011, the United States District Court for the Southern District of New York issued a written opinion that denied a motion of Plaintiffs to re-open the consolidated shareholder derivative action against the Company and certain of its current and former officers and directors. The Company had earlier reported that the Court directed entry of a Judgment of Dismissal following defense motions to dismiss.
In their recent motion, filed on June 1, 2011, Plaintiffs sought to alter the Judgment of Dismissal to allow service of the action on several individual officers and directors of the Company who reside outside the U.S. and plaintiffs had not served and thus allow renewed prosecution of the action against these individuals.
Litigation counsel for the Company filed opposition to the motion and, after legal briefing, the Court took the matter under submission without oral argument.
