\
| +
=
1
ln
t
t t
t
P
d P
R
where:
R
t
is the logarithmic return on day t;
P
t
is the stock price at the end of day t;
P
t-1
is the stock price from the previous day, day t-1;
d
t
is the dividend on day t, if any.
The formula for converting a logarithmic return into a dollar return is:
) 1 (
1
=
t
R
t t
e P DR
where:
DR
t
is the dollar return on day t;
P
t-1
is the stock price from the previous day, day t-1;
e is natural e (approximately 2.7);
R
t
is the logarithmic return on day t.
If a stock falls from $20 to $18, the percent change in price is -10%, equal to the $2 decline
divided by the original $20 price. The logarithmic return, however, is -10.54%, equal to
ln($18/$20).
The logarithmic return relates a price change to an average of the original, final, and intervening
prices over the course of a price decline. As such, for large price declines, it is possible for a
logarithmic price decline to exceed 100%, since the price decline may be greater than the
average of the beginning and ending prices.
An attractive feature of a logarithmic return is that it can be decomposed linearly into
contributing factors. That is, the portion of a logarithmic return caused by company-specific
information is isolated by subtracting from the total logarithmic return the portion of the total
return caused by market and peer group factors.
29
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 32 of 111
Exhibit-1
Documents Received, Reviewed, and Relied Upon
LEGAL DOCUMENTS
- Consolidated Amended Class Action Complaint, filed November 28, 2011.
NEWS ARTICLES
- Factiva news articles (435) from 31 March 2009 to 30 May 2012 downloaded using the
following search parameters: Company: SkyPeople Fruit J uice, Inc.; Sources Field: all
sources.
- SkyPeople Fruit J uice Reports Record Results for the Fourth Quarter and Full Year
2009, PR Newswire, March 31, 2010.
- SkyPeople Fruit J uice Reports Record Financial Results for the First Quarter 2010, PR
Newswire, May 17, 2010.
- SkyPeople Fruit J uice Reports $13.4 Million in Revenues and $0.22 in EPS for the
Second Quarter 2010, PR Newswire, August 16, 2010.
- SkyPeople Fruit J uice Reports Record Revenues in Third Quarter 2010, PR Newswire,
November 15, 2010.
- SkyPeople Fruit J uice Reports Record 2010 Financial Results; $93.2 Million in
Revenues, Net Income of $21.2 Million and EPS of $0.92; Capacity expansion projects to
drive incremental growth in 2011, PR Newswire, March 31, 2011.
- SkyPeople Fruit J uice Reports First Quarter 2011 Financial Results, PR Newswire,
May 16, 2011.
ANALYST REPORTS
- Roth Capital Partners, April 1, 2010.
- Roth Capital Partners, May 14, 2010.
- Roth Capital Partners, May 18, 2010.
- Roth Capital Partners, August 17, 2010.
- Roth Capital Partners, August 18, 2010.
- Roth Capital Partners, August 26, 2010.
- Roth Capital Partners, November 12, 2010.
- Roth Capital Partners, November 17, 2010.
- Roth Capital Partners, November 18, 2010.
- Roth Capital Partners, March 30, 2011.
- Roth Capital Partners, April 1, 2011.
- Roth Capital Partners, May 18, 2011.
30
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 33 of 111
Exhibit-1
Documents Received, Reviewed, and Relied Upon
- Absaroka Capital Management, J une 1, 2011.
SEC FILINGS
- SkyPeople Fruit J uice, Inc. Form 10-K for the Fiscal Year Ended December 31, 2009.
- SkyPeople Fruit J uice, Inc. Form S-1A, filed J anuary 20, 2010.
- SkyPeople Fruit J uice, Inc. Form 25, filed April 19, 2010.
- SkyPeople Fruit J uice, Inc. Form 8-A12B, filed April 19, 2010.
- SkyPeople Fruit J uice, Inc. Form S-1, filed April 20, 2010.
- SkyPeople Fruit J uice, Inc. Form S-1A, filed April 30, 2010.
- SkyPeople Fruit J uice, Inc. Form 10-Q, filed May 17, 2010.
- SkyPeople Fruit J uice, Inc. Form S-1A, filed May 24, 2010.
- SkyPeople Fruit J uice, Inc. Form S-1A, filed J une 4, 2010.
- SkyPeople Fruit J uice, Inc. Form DEF 14A, filed J une 8, 2010.
- SkyPeople Fruit J uice, Inc. Form S-1A, filed J une 23, 2010.
- SkyPeople Fruit J uice, Inc. Form AW, filed J une 23, 2010.
- SkyPeople Fruit J uice, Inc. Form POS AM, filed J une 25, 2010.
- SkyPeople Fruit J uice, Inc. Form AW, filed J uly 8, 2010.
- SkyPeople Fruit J uice, Inc. Form AW WD, filed J uly 8, 2010.
- SkyPeople Fruit J uice, Inc. Form 10-Q, filed August 16, 2010.
- SkyPeople Fruit J uice, Inc. Form S-1A, filed August 16, 2010.
- SkyPeople Fruit J uice, Inc. Form 424B1, filed August 26, 2010.
- SkyPeople Fruit J uice, Inc. Form 10-Q, filed November 15, 2010.
- SkyPeople Fruit J uice, Inc. Form 10-K for the Fiscal Year Ended December 31, 2010.
- SkyPeople Fruit J uice, Inc. Form 10-KA for the Fiscal Year Ended December 31, 2010.
- SkyPeople Fruit J uice, Inc. Form 12b-25, filed April 1, 2011.
- SkyPeople Fruit J uice, Inc. Form 10-Q, filed May 16, 2011.
- SkyPeople Fruit J uice, Inc. Form DEF 14A, filed J uly 25, 2011.
- SkyPeople Fruit J uice, Inc. Form 10-Q, filed August 15, 2011.
- SkyPeople Fruit J uice, Inc. Form 10-QA, filed August 22, 2011.
- SkyPeople Fruit J uice, Inc. Form 10-Q, filed November 14, 2011.
ACADEMIC AND PROFESSIONAL LITERATURE
- Aktas, Nihat, Eric de Bodt, and J ean-Gabriel Cousin, Event Studies with a
Contaminated Estimation Period, Journal of Corporate Finance, 2007.
- Ball, Ray, and Stephen J . Brown, An Empirical Evaluation of Accounting Income
Numbers, Journal of Accounting Research, 1968.
31
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 34 of 111
Exhibit-1
Documents Received, Reviewed, and Relied Upon
- Ball, Ray, Anomalies in Relationships Between Securities Yield and Yield-Surrogates,
Journal of Financial Economics, 1978.
- Ball, Ray, and S. P. Kothari, Security Returns around Earnings Announcements, The
Accounting Review, 1991.
- Barber, Brad M., Paul A. Griffin, and Baruch Lev, The Fraud-on-the-Market Theory and
the Indicators of Common Stock Efficiency, Journal of Corporation Law, 1994.
- Beaver, William H., The Information Content of Annual Earnings Announcements
Journal of Accounting and Research, 1968.
- Beaver, William H., Financial Reporting an Accounting Revolution, 3
rd
edition, 1998.
- Binder, J ohn J ., Measuring the Effects of Regulation with Stock Price Data, The RAND
Journal of Economics, 1985.
- Box, G.E.P., and G.C. Tiao, Intervention Analysis with Applications to Economic and
Environmental Problems, Journal of the American Statistical Association, 1975.
- Campbell, J ohn Y., Andrew W. Lo and A. Craig MacKinaly, The Econometrics of
Financial Markets, Princeton University Press, 1997.
- Degeorge, Francois, J ayendu Patel, and Richard Zeckhauser, Earnings Management to
Exceed Thresholds, Journal of Business, 1999.
- Chen, Hailiang, Prabuddha De, Yu Hu, and Byoung-Hyoun Hwang, Customers As
Advisors: The Role of Social Media in Financial Markets, Working Paper, 2012.
- Conover, W. J ., Practical Nonparametric Statistics, 2nd edition, J ohn Wiley & Sons,
1980.
- Daniel, Wayne W., Applied Nonparametric Statistics, Houghton Mifflin, 1978.
- Fama, Eugene F., Efficient Capital Markets: II, Journal of Finance, 1991.
- Gerlach, J effrey R., and J ae H. Lee, How Information Transmits to Equity Markets:
Earnings Announcements and Volatility, Working Paper, Sungkyunkwan University,
2010.
- Hollander, Wolfe, Nonparametric Statistical Methods, J ohn Wiley & Sons, 1973.
- Larcker, David F., Lawrence A. Gordon, and George E. Pinches, Testing for Market
Efficiency: A Comparison of the Cumulative Average Residual Methodology and
Intervention Analysis, The Journal of Financial and Quantitative Analysis, 1980.
- Malatesta, Paul H., Measuring Abnormal Performance: The Event Parameter Approach
Using J oint Generalized Least Squares, The Journal of Financial and Quantitative
Analysis, 1986.
- Miller, Rupert G. J r., Beyond ANOVA, Basics of Applied Statistics, J ohn Wiley & Sons,
1986.
- Patell, J ames M., and Mark A. Wolfson, The intraday speed of adjustment of stock
prices to earnings and dividend announcements, Journal of Financial Economics, 1984.
- Tabak, David, and Frederick Dunbar, Materiality and Magnitude: Event Studies in the
Courtroom, Litigation Services Handbook, 3rd edition, J ohn Wiley & Sons, 2001.
32
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 35 of 111
Exhibit-1
Documents Received, Reviewed, and Relied Upon
- Thompson, Rex, Conditioning the Return-Generating Process on Firm-Specific Events:
A Discussion of Event Study Methods, The Journal of Financial and Quantitative
Analysis, 1985.
- Tumarkin, Robert, Internet Message Board Activity and Market Efficiency: A Case
Study of the Internet Service Sector using RagingBull.com, Financial Markets,
Institutions, & Instruments, volume 11, issue 4, November 2002.
- Watts, Ross L. Systematic Abnormal Returns After Quarterly Earnings
Announcements Journal of Financial Economics, 1978.
- Zar, J errold H., Biostatistical Analysis, 3rd edition, Prentice-Hall, 1996.
DATA
- Bloomberg.
- Capital IQ.
- Center for Research in Security Prices (CRSP).
- Factiva.
- Thomson Research.
- Vickers.
LEGAL CASES
- Basic, Inc. v. Levinson, 485 U.S. 224 (1988).
- Cammer v. Bloom, 711 F. Supp. 1264 (D.N.J ., 1989).
- Erica P. John Fund, Inc. v. Halliburton Co., 133 S. Ct. 2179 (2011).
- Amgen Inc., et al. v. Connecticut Retirement Plans, 133 S. Ct. 1184 (2013).
OTHER
- SeekingAlpha.com
- Eligibility of Smaller Companies to Use Form S-3 or F-3 for Primary Securities
Offerings, U.S. Securities and Exchange Commission, J anuary 28, 2008.
- Futures on the CBOE China Index (CX) Managing Exposure in the Emerging Market,
CBOE China Index description, http://cfe.cboe.com/GENERAL/CXQRG.pdf, accessed
August 18, 2012.
- Revisions to the Eligibility Requirements for Primary Securities Offerings on Forms S-3
and F-3, obtained from http://www.sec.gov/rules/final/2007/33-8878.pdf.
- SEC.gov
- Any other documents and data cited in the report.
33
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 36 of 111
Exhibit-2
Curriculum Vitae
Gang Hu, Ph.D., CFA
J une 2013
Babson College
223Tomasso Hall
Wellesley, MA 02457
Phone: 781-239-4946
E-mail: ghu@babson.edu
Web: http://faculty.babson.edu/ghu/
EXPERIENCE
Babson College, Finance Division. Wellesley, MA.
Associate Professor (with tenure), 2011-present.
Zwerling Family Endowed Term Chair in Finance, 2013-present.
Assistant Professor, 2005-2011.
Fidelity Term Chair, 2005-2010.
Crowninshield Financial Research. Wellesley, MA.
Affiliated Expert, 2012-present.
Fidelity Management & Research Company, Global Equity Trading. Boston, MA.
Quantitative Trade Analyst, 2001-2003.
Intern, 2000.
EDUCATION
Ph.D. in Finance, Boston College, 2005.
Dissertation: Essays in Corporate Finance and Institutional Trading.
CFA (Chartered Financial Analyst), CFA Institute, 2003.
Doctoral Program in Operations and Decision Sciences, University of Pittsburgh, 1996-1998.
B.E. in System Engineering, Tianjin University, China, 1996.
AWARDS AND GRANTS
x Babson College Faculty Scholarship Award, 2010.
x Western Finance Association (WFA) NASDAQ Award for the Best Paper on Capital
Formation, Big Sky, MT, 2007.
x 1
st
Prize, Chicago Quantitative Alliance (CQA) Annual Academic Competition, 2007.
x Yale School of Management, Millstein Center for Corporate Governance & Performance,
Research Grant, 2007.
x INQUIRE Europe (Institute for Quantitative Investment Research) Research Grant, 2006.
x WFA NYSE PhD Student Travel Grant, Portland, OR, 2005.
x Best Paper Award, Derivatives/Microstructure, Eastern Finance Association (EFA)
Meeting, Norfolk, VA, 2005.
x Morgan Stanley Equity Microstructure Research Grant, 2004.
34
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 37 of 111
Exhibit-2
Curriculum Vitae
Gang Hu, Ph.D., CFA
REFEREED JOURNAL PUBLICATIONS
1. The Year-End Trading Activities of Institutional Investors: Evidence from Daily Trades,
with R. David McLean, J effery Pontiff, and Qinghai Wang, Review of Financial Studies,
accepted conditional on minor revision.
- AFA 2010.
2. Institutional Investors and the Information Production Theory of Stock Splits, with
Thomas Chemmanur and J iekun Huang, Journal of Financial and Quantitative Analysis,
forthcoming.
- Featured in the Harvard Law School Forum on Corporate Governance and Financial
Regulation.
3. Underestimation of Securities Fraud Aggregate Damages Due to Inter-Fund Trades, with
Steven Feinstein, Mark Marcus, and Zann Ali, Journal of Forensic Economics,
forthcoming.
4. OLIVE: A Simple Method for Estimating Betas When Factors Are Measured with Error,
with J . Ginger Meng and J ushan Bai, Journal of Financial Research 34, 2011, 27-60.
5. The Role of Institutional Investors in Initial Public Offerings, with Thomas Chemmanur
and J iekun Huang, Review of Financial Studies 23, 2010, 4496-4540.
- WFA 2007 NASDAQ Award.
- Cited in SEC Chairmans response letter to an inquiry by Congress.
6. Costly Arbitrage and Idiosyncratic Risk: Evidence from Short Sellers, with Ying Duan
and R. David McLean, Journal of Financial Intermediation 19, 2010, 564-579.
- WFA 2006, 1
st
Prize Chicago Quantitative Alliance 2007 Academic Competition.
7. Is Dividend Smoothing Universal? New Insights from a Comparative Study of Dividend
Policies in Hong Kong and the U.S., with Thomas Chemmanur, J ie He, and Helen Liu,
Journal of Corporate Finance 16, 2010, 413-430.
8. The Role of Institutional Investors in Seasoned Equity Offerings, with Thomas
Chemmanur and Shan He, Journal of Financial Economics 94, 2009, 384-411.
- AFA 2006, NBER 2007.
9. Measures of Implicit Trading Costs and Buy-Sell Asymmetry, Journal of Financial
Markets 12, 2009, 418-437.
- WFA 2005 NYSE PhD Student Travel Grant, EFA 2005 Best Paper Award.
10. The Market for Shareholder Voting Rights Around Mergers and Acquisitions: Evidence
from Institutional Daily Trading and Voting, with Jennifer Bethel and Qinghai Wang,
Journal of Corporate Finance 15, 2009, 129-145.
35
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 38 of 111
Exhibit-2
Curriculum Vitae
Gang Hu, Ph.D., CFA
11. When is Stock Picking Likely to be Successful? Evidence from Mutual Funds, with
Ying Duan and R. David McLean, Financial Analysts Journal 65, 2009, 55-66.
12. Opinion Divergence Among Professional Investment Managers, with J. Ginger Meng
and Mark Potter, Journal of Business Finance and Accounting 35, 2008, 679-703.
13. Screening Location Strategies to Reduce Exchange Rate Risk, with Timothy Lowe and
Richard Wendell, European Journal of Operational Research 136, 2002, 573-590.
14. Ranking by Eigenvector Versus Other Methods in the Analytic Hierarchy Process, with
Thomas Saaty, Applied Mathematics Letters 11, 1998, 121-125.
OTHER PUBLICATIONS
15. Emerging Issues in Evaluating Market Efficiency, with Mark Marcus, Law360,
Securities and Class Action Expert Analysis section, 2012.
16. Stock Repurchases and Splits (in Chinese), with J. Ginger Meng, in Volume of
Finance - Series on the Frontiers of Western Research in the Humanities and Social
Sciences, Huimin Li and Dongmin Ke (editors), China Renmin University Press, Beijing,
China, 2011, Chapter 18, 471-496.
17. Legal and Economic Issues in Litigation Arising from the 2007-2008 Credit Crisis, with
Jennifer Bethel and Allen Ferrell, in Prudent Lending Restored: Securitization after the
Mortgage Meltdown, Yasuyuki Fuchita, Richard Herring, and Robert Litan (editors),
Brookings Institution Press, Washington DC, 2009, Chapter 5, 163-235.
- Translated and published in Chinese (Comparative Studies 39, December 2008, 54-96,
China CITIC Press) and J apanese (Nomura Institute of Capital Markets Research).
- Featured in the Harvard Law School Forum on Corporate Governance and Financial
Regulation.
18. An Analysis of Liquidity Across Markets: Execution Costs on the NYSE versus
Electronic Markets, with Michael Goldstein and J. Ginger Meng, in Liquidity, Interest
Rates and Banking, Jeffrey Morrey and Alexander Guyton (editors), Nova Science
Publishers, New York, 2009, Chapter 7, 139-167.
19. VWAP Cost Excluding Own Trades, Journal of Trading 2, Winter 2007, 30-34.
20. Window Dressing by Institutional Investors, with Jaime Villa, Babson Insight, 2007.
36
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 39 of 111
Exhibit-2
Curriculum Vitae
Gang Hu, Ph.D., CFA
21. A Comparative Analysis of Contributing Factors to Successful Entrepreneurship in
Japan, USA, and China: The Importance of Psychological Attributes (in Japanese), with
Toyoaki Nishida and Makoto Ohtsu, in Comparative Study of Entrepreneurship in J apan,
USA, and China, edited by Makoto Ohtsu and others, Soseisha, Tokyo, J apan, 2007,
Chapter 3, 53-91.
- Short English version appeared in J apanese Association of Administrative Science, 9
th
Annual Convention Conference Proceedings, 290-293, Nagoya University, 2006.
WORKING PAPERS
Do Institutional Investors Have Private Information about CEO Turnovers?, with Thomas
Chemmanur and Yingzhen Li.
Can Transient Institutions Correctly Interpret Small Negative Earnings Surprises in the
Absence of Access to Managements Private Information?, with Bin Ke and Yong Yu.
Decomposing IPO Initial Returns in Chinas ChiNext Market: The Stochastic Frontier
Approach, with J. Ginger Meng, Wei Zhang, and Gaofeng Zou.
Disentangling GAAP Difference and Accounting Falsification of Financial Statement
Discrepancies: A Study of Delisted Chinese Reverse Merger Companies in the U.S. with
Yimiao Chen, Ling Lin, and Min Xiao.
Does the January Anomaly Survive in Equity Exchange-Traded Funds? with Tony Ruan.
SELECTED WORK-IN-PROGRESS
Trading by Crossing, with Jennifer Conrad and Sunil Wahal.
CONFERENCES AND SEMINARS
x Do Institutional Investors Have Private Information about CEO Turnovers?
- European Finance Association (EFA) Meetings, Cambridge, UK, 2013.
- Financial Management Association (FMA) Meeting, Chicago, 2013.
- Southern Finance Association (SFA) Meeting, Puerto Rico, 2013.
x Do Fund Managers Try to Mislead Investors? Evidence from Year-End Trades
- American Finance Association (AFA) Annual Meeting, Atlanta, GA, 2010.
- European Finance Association (EFA) Meetings, Bergen, Norway, 2009.
- Financial Intermediation Research Society (FIRS) meetings, Prague, Czech, 2009.
- Swiss Society for Financial Market Research Conference, Geneva, Switzerland, 2009.
x Institutional Investors and the Information Production Theory of Stock Splits
- China International Conference in Finance (CICF), Chongqing, China, 2012.
- Boston Area Finance Symposium (BAFS), 2010.
- Mid-Atlantic Research Conference in Finance (MARC), Philadelphia, 2009.
37
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 40 of 111
Exhibit-2
Curriculum Vitae
Gang Hu, Ph.D., CFA
- Financial Management Association (FMA) Meeting, Dallas, 2008.
- AsianFA-NFA International Conference, J apan, 2008.
- Seminars (2009-2012): Babson College, Bentley University, City University of Hong
Kong, Indiana University, National University of Singapore, Purdue University,
Shanghai Advanced Institute of Finance, University of Hong Kong, University of
Illinois at Urbana-Champaign, University of Massachusetts Amherst, University of
Notre Dame.
x Decomposing IPO Initial Returns in Chinas ChiNext Market: The Stochastic Frontier
Approach
- Midwest Finance Association Annual Meeting, Chicago, 2013.
x Can Transient Institutions Correctly Interpret Small Negative Earnings Surprises in the
Absence of Access to Managements Private Information?
- American Accounting Association (AAA) Financial Accounting and Reporting Section
(FARS) Mid-Year Meeting, Tampa, FL, 2011.
- American Accounting Association (AAA) Annual Meeting, San Francisco, CA, 2010.
x Does the January Anomaly Survive in Equity Exchange-Traded Funds?
- Financial Management Association (FMA) Meeting, Reno, NV, 2009.
- Financial Management Association (FMA) Asian Conference, Xiamen, China, 2009.
- Financial Management Association (FMA) European Conference, Turin, Italy, 2009.
x The Role of Institutional Investors in Initial Public Offerings
- Western Finance Association (WFA) Meeting (NASDAQ Award for the Best Paper on
Capital Formation), Big Sky, MT, 2007.
- Financial Management Association (FMA) Meeting, Top-Ten Percent Sessions, Salt
Lake City, UT, 2006.
- European Finance Association (EFA) Meeting, Zurich, Switzerland, 2006.
- Seminars (2004-2006): Babson College, Boston College, Fordham University,
University of Georgia, University of Memphis.
x Costly Arbitrage and Idiosyncratic Risk: Evidence from Short Sellers
- Chicago Quantitative Alliance (CQA) Fall Conference (1
st
Prize), Chicago, 2007.
- Western Finance Association (WFA) Meeting, Keystone, CO, 2006.
- Financial Management Association (FMA) Meeting, Salt Lake City, UT, 2006.
- Seminars (2006-2009): Babson College, Binghamton University-SUNY, OTA Asset
Management, State Street Global Advisors-Advanced Research Center.
x The Role of Institutional Investors in Seasoned Equity Offerings
- National Bureau of Economic Research (NBER) Market Microstructure Meeting,
Boston, MA, 2007.
- American Finance Association (AFA) Annual Meeting, Boston, MA, 2006.
- European Finance Association (EFA) Meeting, Ljubljana, Slovenia, 2007.
- Eastern Finance Association (EFA) Meeting, New Orleans, LA, 2007.
38
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 41 of 111
Exhibit-2
Curriculum Vitae
Gang Hu, Ph.D., CFA
- Financial Management Association (FMA) Meeting, Chicago, IL, 2005.
- Southern Finance Association (SFA) Meeting, Key West, FL, 2005.
x Measures of Implicit Trading Costs and Buy-Sell Asymmetry
- Western Finance Association (WFA) Meeting (NYSE PhD Student Travel Grant),
Portland, OR, 2005.
- Eastern Finance Association (EFA) Meeting (Best Paper Award), Norfolk, VA, 2005.
- Southern Finance Association (SFA) Meeting, Key West, FL, 2005.
- Financial Management Association (FMA) Meeting, FMA Doctoral Student Seminar
and Special PhD Paper Session, New Orleans, LA, 2004.
- Seminars (2003-2005): Babson College, Boston College, California State University
Fullerton, University of Connecticut, Abel/Noser Corporation, Fidelity Investments,
Goldman Sachs.
x The Market for Shareholder-Voting Rights Around Mergers and Acquisitions: Evidence
from Institutional Daily Trading and Voting
- Conference and Special Issue of the Journal of Corporate Finance on Corporate
Control, Mergers and Acquisitions, Atlanta, GA, 2008.
- Financial Management Association (FMA) Meeting, Dallas, 2008.
- Shareholder and Corporate Governance Conference, organized by Yale University and
Oxford University, 2007.
x Legal and Economic Issues in Litigation Arising from the 2007-2008 Credit Crisis
- Brookings-Tokyo Club-Wharton Conference, Prudent Lending Restored: Securitization
After the 2007 Mortgage Securities Meltdown, Washington DC, 2008.
x When is Stock Picking Likely to be Successful? Evidence from Mutual Funds
- Financial Management Association (FMA) Meeting, Chicago, IL, 2005.
- Northern Finance Association (NFA) Meeting, Vancouver, Canada, 2005.
- Babson College Cutler Center for Investments and Finance Board Meeting, 2009.
x Opinion Divergence Among Professional Investment Managers
- Journal of Business Finance and Accounting Capital Markets Conference, University
of North Carolina at Chapel Hill, 2007.
- Southern Finance Association (SFA) Meeting, Key West, FL, 2005.
OTHER PROFESSIONAL ACTIVITIES
x Top 1% by downloads of all authors on Social Sciences Research Network (SSRN.com).
x Boston Area Finance Symposium (BAFS) Organizing Committee, 2008-present (founding
member).
x Ad hoc referee for Journal of Financial and Quantitative Analysis, Journal of Financial
Markets, Financial Management, Financial Review, Financial Analyst Journal, and
Journal of Business Finance and Accounting.
39
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 42 of 111
Exhibit-2
Curriculum Vitae
Gang Hu, Ph.D., CFA
x Selected Babson College Services:
- Chair, Finance Recruiting, 2011-2012.
- Faculty Senate, 2009-2012.
- Faculty Workload and Compensation Committee, 2011-2014.
- Data Analytics Task Force, 2012-2013.
- Faculty Advisor, Chinese Student Association, 2009-present.
- Co-Chair, Finance Recruiting Committee, 2010-2011.
- Organizer of Finance Seminar Series, 2006-2010.
- Committee on Titles, 2010.
- Dean of Faculty Nominating Committee, 2008.
- Fidelity/Babson Affinity Committee, 2005-2007.
x Babson Global Teaching Fellows Program, Faculty Mentor:
- Nauman J . Amin, Institute of Business Administration (IBA), Pakistan, Spring 2012.
- Yanzhao Tang, Xiamen University, China, Fall 2012.
x Babson Honors Thesis Advisor:
- Zann Ali (2011-2012), Lauren Garey (2011-2012), Yimiao Chen (2012-2013), Chia
Chou Pan (2013-2014).
x Financial Management Association (FMA) Annual Meeting: Program Committee 2010,
2009, 2007, 2006; Discussant 2006, 2005; Session Chair 2006.
x Western Finance Association (WFA) Annual Meeting: Discussant 2006.
x Eastern Finance Association (EFA) Annual Meeting: Session Chair and Organizer, 2012;
Program Committee 2008, 2007, 2006; Discussant 2005; Session Chair 2005.
x Southern Finance Association (SFA) Annual Meeting: Program Committee 2007, 2006;
Discussant 2005; Session Chair 2005.
x Midwest Finance Association (MFA) Annual Meeting: Program Committee 2013.
x China International Conference in Finance (CICF): Discussant 2012.
x The Chinese Finance Association (TCFA), Editorial Board, 2001-2004.
x Passed two actuarial exams.
x Member: American Finance Association (AFA), Western Finance Association (WFA),
Financial Management Association (FMA), Eastern Finance Association (EFA), Southern
Finance Association (SFA), CFA Institute, Boston Security Analysts Society (BSAS), and
The Chinese Finance Association (TCFA).
40
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 43 of 111
Date
SPU Closing
Price
SPU Trading
Volume
SPU
Logarithmic
Return
3/30/2010 $5.98 151,400
3/31/2010 $5.99 364,800 0.17%
4/1/2010 $5.82 993,300 -2.88%
4/5/2010 $6.07 192,200 4.21%
4/6/2010 $6.02 97,800 -0.83%
4/7/2010 $6.18 106,800 2.62%
4/8/2010 $6.39 164,800 3.34%
4/9/2010 $6.27 96,000 -1.90%
4/12/2010 $6.30 71,500 0.48%
4/13/2010 $6.95 497,100 9.82%
4/14/2010 $7.24 463,200 4.09%
4/15/2010 $7.08 159,300 -2.23%
4/16/2010 $6.77 252,200 -4.48%
4/19/2010 $6.74 133,800 -0.44%
4/20/2010 $6.55 85,168 -2.86%
4/21/2010 $6.10 389,618 -7.12%
4/22/2010 $6.03 139,202 -1.15%
4/23/2010 $6.12 111,488 1.44%
4/26/2010 $6.29 214,276 2.78%
4/27/2010 $6.15 104,515 -2.25%
4/28/2010 $6.15 94,224 0.00%
4/29/2010 $6.20 184,692 0.81%
4/30/2010 $6.21 70,376 0.16%
5/3/2010 $6.16 88,360 -0.81%
5/4/2010 $5.93 82,212 -3.81%
5/5/2010 $5.80 107,152 -2.22%
5/6/2010 $5.40 160,494 -7.15%
5/7/2010 $5.22 207,028 -3.39%
5/10/2010 $5.43 75,216 3.94%
5/11/2010 $5.59 51,814 2.90%
5/12/2010 $5.93 126,006 5.90%
5/13/2010 $5.85 131,099 -1.36%
5/14/2010 $5.80 44,855 -0.86%
5/17/2010 $5.96 155,603 2.72%
Exhibit-3
SkyPeople Fruit Juice (SPU) Stock Price, Volume &
Returns
March 30, 2010 through J une 1, 2011
41
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 44 of 111
Date
SPU Closing
Price
SPU Trading
Volume
SPU
Logarithmic
Return
Exhibit-3
SkyPeople Fruit Juice (SPU) Stock Price, Volume &
Returns
March 30, 2010 through J une 1, 2011
5/18/2010 $5.63 202,930 -5.70%
5/19/2010 $5.56 110,375 -1.25%
5/20/2010 $5.03 141,259 -10.02%
5/21/2010 $5.27 102,043 4.66%
5/24/2010 $5.41 82,637 2.62%
5/25/2010 $5.12 122,753 -5.51%
5/26/2010 $5.38 41,684 4.96%
5/27/2010 $5.63 38,997 4.54%
5/28/2010 $5.55 35,258 -1.43%
6/1/2010 $5.37 81,094 -3.30%
6/2/2010 $5.37 36,327 0.00%
6/3/2010 $5.37 57,471 0.00%
6/4/2010 $5.36 61,329 -0.19%
6/7/2010 $5.37 58,933 0.19%
6/8/2010 $5.61 83,583 4.37%
6/9/2010 $5.58 61,635 -0.54%
6/10/2010 $5.60 26,302 0.36%
6/11/2010 $5.79 135,324 3.34%
6/14/2010 $5.45 58,901 -6.05%
6/15/2010 $5.43 43,796 -0.37%
6/16/2010 $5.57 45,119 2.55%
6/17/2010 $5.59 42,596 0.36%
6/18/2010 $5.48 20,000 -1.99%
6/21/2010 $5.62 46,798 2.52%
6/22/2010 $5.39 51,854 -4.18%
6/23/2010 $5.40 18,153 0.19%
6/24/2010 $5.24 26,310 -3.01%
6/25/2010 $5.16 49,501 -1.54%
6/28/2010 $5.38 110,116 4.18%
6/29/2010 $5.28 166,258 -1.88%
6/30/2010 $5.05 140,832 -4.45%
7/1/2010 $5.24 155,494 3.69%
7/2/2010 $5.27 28,242 0.57%
7/6/2010 $5.31 51,245 0.76%
42
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 45 of 111
Date
SPU Closing
Price
SPU Trading
Volume
SPU
Logarithmic
Return
Exhibit-3
SkyPeople Fruit Juice (SPU) Stock Price, Volume &
Returns
March 30, 2010 through J une 1, 2011
7/7/2010 $5.22 18,546 -1.71%
7/8/2010 $5.23 36,165 0.19%
7/9/2010 $5.30 24,815 1.33%
7/12/2010 $5.30 23,847 0.00%
7/13/2010 $5.33 81,708 0.56%
7/14/2010 $5.35 121,811 0.37%
7/15/2010 $5.39 15,023 0.74%
7/16/2010 $5.36 24,412 -0.56%
7/19/2010 $5.51 34,753 2.76%
7/20/2010 $5.52 13,056 0.18%
7/21/2010 $5.42 29,684 -1.83%
7/22/2010 $5.50 19,203 1.47%
7/23/2010 $5.71 35,363 3.75%
7/26/2010 $6.00 71,841 4.95%
7/27/2010 $5.90 35,853 -1.68%
7/28/2010 $5.89 49,070 -0.17%
7/29/2010 $5.90 9,862 0.17%
7/30/2010 $5.74 20,556 -2.75%
8/2/2010 $5.71 60,674 -0.52%
8/3/2010 $5.77 16,501 1.05%
8/4/2010 $5.93 33,107 2.74%
8/5/2010 $6.29 86,516 5.89%
8/6/2010 $6.23 48,724 -0.96%
8/9/2010 $6.52 142,460 4.55%
8/10/2010 $6.20 136,864 -5.03%
8/11/2010 $5.97 131,051 -3.78%
8/12/2010 $5.92 30,942 -0.84%
8/13/2010 $6.20 54,431 4.62%
8/16/2010 $6.45 309,628 3.95%
8/17/2010 $6.13 113,937 -5.09%
8/18/2010 $6.12 32,176 -0.16%
8/19/2010 $6.13 17,759 0.16%
8/20/2010 $6.31 43,071 2.89%
8/23/2010 $5.64 216,362 -11.23%
43
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 46 of 111
Date
SPU Closing
Price
SPU Trading
Volume
SPU
Logarithmic
Return
Exhibit-3
SkyPeople Fruit Juice (SPU) Stock Price, Volume &
Returns
March 30, 2010 through J une 1, 2011
8/24/2010 $5.86 338,639 3.83%
8/25/2010 $4.79 2,067,089 -20.16%
8/26/2010 $4.69 324,038 -2.11%
8/27/2010 $4.90 299,033 4.38%
8/30/2010 $4.90 368,483 0.00%
8/31/2010 $4.73 174,661 -3.53%
9/1/2010 $4.79 347,598 1.26%
9/2/2010 $4.70 125,109 -1.90%
9/3/2010 $4.85 209,279 3.14%
9/7/2010 $4.67 139,274 -3.78%
9/8/2010 $4.61 122,049 -1.29%
9/9/2010 $4.60 73,309 -0.22%
9/10/2010 $4.50 113,939 -2.20%
9/13/2010 $4.51 157,087 0.22%
9/14/2010 $4.57 123,851 1.32%
9/15/2010 $4.55 89,976 -0.44%
9/16/2010 $4.38 62,255 -3.81%
9/17/2010 $4.25 193,629 -3.01%
9/20/2010 $4.21 137,888 -0.95%
9/21/2010 $4.30 137,272 2.12%
9/22/2010 $4.23 40,195 -1.64%
9/23/2010 $4.39 75,801 3.71%
9/24/2010 $4.42 41,095 0.68%
9/27/2010 $4.36 65,284 -1.37%
9/28/2010 $4.49 57,397 2.94%
9/29/2010 $4.65 53,441 3.50%
9/30/2010 $4.68 49,521 0.64%
10/1/2010 $4.73 37,105 1.06%
10/4/2010 $4.73 67,033 0.00%
10/5/2010 $4.54 49,390 -4.10%
10/6/2010 $4.50 65,720 -0.88%
10/7/2010 $4.58 12,028 1.76%
10/8/2010 $4.65 47,003 1.52%
10/11/2010 $4.91 182,410 5.44%
44
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 47 of 111
Date
SPU Closing
Price
SPU Trading
Volume
SPU
Logarithmic
Return
Exhibit-3
SkyPeople Fruit Juice (SPU) Stock Price, Volume &
Returns
March 30, 2010 through J une 1, 2011
10/12/2010 $4.93 79,512 0.41%
10/13/2010 $4.97 154,535 0.81%
10/14/2010 $4.94 51,109 -0.61%
10/15/2010 $4.92 50,318 -0.41%
10/18/2010 $5.69 789,667 14.54%
10/19/2010 $5.76 347,328 1.22%
10/20/2010 $5.88 89,141 2.06%
10/21/2010 $5.72 167,865 -2.76%
10/22/2010 $5.69 68,365 -0.53%
10/25/2010 $5.72 148,621 0.53%
10/26/2010 $5.82 255,145 1.73%
10/27/2010 $5.85 175,774 0.51%
10/28/2010 $5.76 36,302 -1.55%
10/29/2010 $5.77 38,409 0.17%
11/1/2010 $5.68 100,506 -1.65%
11/2/2010 $5.69 92,310 0.25%
11/3/2010 $5.70 105,826 0.18%
11/4/2010 $5.71 95,095 0.18%
11/5/2010 $5.64 65,819 -1.23%
11/8/2010 $5.72 98,933 1.41%
11/9/2010 $5.63 81,412 -1.59%
11/10/2010 $5.62 74,126 -0.18%
11/11/2010 $5.69 77,961 1.24%
11/12/2010 $5.60 132,938 -1.59%
11/15/2010 $5.62 90,051 0.36%
11/16/2010 $5.24 316,077 -7.00%
11/17/2010 $5.19 274,769 -0.96%
11/18/2010 $5.13 127,255 -1.16%
11/19/2010 $4.97 185,336 -3.17%
11/22/2010 $4.78 150,011 -3.90%
11/23/2010 $5.01 218,700 4.70%
11/24/2010 $5.01 79,981 0.00%
11/26/2010 $5.14 24,589 2.54%
11/29/2010 $5.06 50,997 -1.55%
45
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 48 of 111
Date
SPU Closing
Price
SPU Trading
Volume
SPU
Logarithmic
Return
Exhibit-3
SkyPeople Fruit Juice (SPU) Stock Price, Volume &
Returns
March 30, 2010 through J une 1, 2011
11/30/2010 $4.88 88,323 -3.62%
12/1/2010 $5.03 60,966 3.03%
12/2/2010 $4.87 92,219 -3.23%
12/3/2010 $4.79 111,186 -1.66%
12/6/2010 $4.80 122,778 0.21%
12/7/2010 $4.80 119,371 0.00%
12/8/2010 $4.70 164,696 -2.11%
12/9/2010 $4.72 90,277 0.42%
12/10/2010 $4.67 79,980 -1.06%
12/13/2010 $4.55 155,030 -2.60%
12/14/2010 $4.60 61,977 1.09%
12/15/2010 $4.26 759,060 -7.68%
12/16/2010 $4.08 357,312 -4.32%
12/17/2010 $4.10 140,013 0.49%
12/20/2010 $4.38 106,266 6.60%
12/21/2010 $4.45 113,930 1.59%
12/22/2010 $4.55 146,405 2.22%
12/23/2010 $4.58 83,098 0.66%
12/27/2010 $4.39 109,788 -4.24%
12/28/2010 $4.50 54,089 2.47%
12/29/2010 $4.54 46,516 0.88%
12/30/2010 $4.62 57,398 1.75%
12/31/2010 $4.65 27,389 0.65%
1/3/2011 $4.53 139,259 -2.61%
1/4/2011 $4.41 179,156 -2.68%
1/5/2011 $4.34 207,233 -1.60%
1/6/2011 $4.30 128,965 -0.93%
1/7/2011 $4.33 35,953 0.70%
1/10/2011 $4.53 66,593 4.52%
1/11/2011 $4.70 220,171 3.68%
1/12/2011 $4.85 123,352 3.14%
1/13/2011 $4.90 116,405 1.03%
1/14/2011 $4.94 123,928 0.81%
1/18/2011 $4.92 103,696 -0.41%
46
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 49 of 111
Date
SPU Closing
Price
SPU Trading
Volume
SPU
Logarithmic
Return
Exhibit-3
SkyPeople Fruit Juice (SPU) Stock Price, Volume &
Returns
March 30, 2010 through J une 1, 2011
1/19/2011 $4.76 73,659 -3.31%
1/20/2011 $4.62 71,642 -2.99%
1/21/2011 $4.83 190,561 4.45%
1/24/2011 $4.87 72,620 0.82%
1/25/2011 $4.84 44,859 -0.62%
1/26/2011 $4.90 205,151 1.19%
1/27/2011 $4.99 371,704 1.86%
1/28/2011 $4.90 84,473 -1.82%
1/31/2011 $5.16 280,346 5.17%
2/1/2011 $5.00 387,183 -3.15%
2/2/2011 $5.03 555,476 0.51%
2/3/2011 $4.98 355,092 -0.91%
2/4/2011 $4.93 131,571 -1.01%
2/7/2011 $4.85 345,450 -1.64%
2/8/2011 $4.82 190,682 -0.62%
2/9/2011 $4.76 182,618 -1.25%
2/10/2011 $4.79 100,174 0.63%
2/11/2011 $4.68 111,024 -2.32%
2/14/2011 $4.62 161,653 -1.29%
2/15/2011 $4.64 62,418 0.43%
2/16/2011 $4.70 107,433 1.28%
2/17/2011 $4.79 75,654 1.90%
2/18/2011 $4.76 51,801 -0.63%
2/22/2011 $4.66 82,984 -2.12%
2/23/2011 $4.60 77,423 -1.30%
2/24/2011 $4.62 117,595 0.43%
2/25/2011 $4.80 111,872 3.82%
2/28/2011 $4.93 401,193 2.67%
3/1/2011 $4.86 141,381 -1.43%
3/2/2011 $4.74 109,707 -2.50%
3/3/2011 $4.60 306,835 -3.00%
3/4/2011 $4.59 142,791 -0.22%
3/7/2011 $4.63 238,098 0.87%
3/8/2011 $4.87 163,161 5.05%
47
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 50 of 111
Date
SPU Closing
Price
SPU Trading
Volume
SPU
Logarithmic
Return
Exhibit-3
SkyPeople Fruit Juice (SPU) Stock Price, Volume &
Returns
March 30, 2010 through J une 1, 2011
3/9/2011 $4.75 119,071 -2.49%
3/10/2011 $4.62 152,102 -2.77%
3/11/2011 $4.51 189,586 -2.41%
3/14/2011 $4.35 227,454 -3.61%
3/15/2011 $4.18 216,804 -3.99%
3/16/2011 $4.14 66,191 -0.96%
3/17/2011 $4.22 36,878 1.91%
3/18/2011 $4.37 73,704 3.49%
3/21/2011 $4.35 108,047 -0.46%
3/22/2011 $4.34 85,932 -0.23%
3/23/2011 $4.38 112,448 0.92%
3/24/2011 $4.32 146,718 -1.38%
3/25/2011 $4.33 95,322 0.23%
3/28/2011 $4.45 153,493 2.73%
3/29/2011 $4.41 95,184 -0.90%
3/30/2011 $4.23 173,354 -4.17%
3/31/2011 $4.41 230,787 4.17%
4/1/2011 $3.85 897,301 -13.58%
4/4/2011 $3.57 670,684 -7.55%
4/5/2011 $3.79 339,246 5.98%
4/6/2011 $3.85 242,585 1.57%
4/7/2011 $3.93 125,279 2.06%
4/8/2011 $3.65 193,982 -7.39%
4/11/2011 $3.56 167,847 -2.50%
4/12/2011 $3.72 184,302 4.40%
4/13/2011 $3.60 127,193 -3.28%
4/14/2011 $3.66 184,685 1.65%
4/15/2011 $3.88 531,841 5.84%
4/18/2011 $3.80 192,204 -2.08%
4/19/2011 $3.92 186,754 3.11%
4/20/2011 $4.03 53,360 2.77%
4/21/2011 $4.00 651,663 -0.75%
4/25/2011 $3.87 78,449 -3.30%
4/26/2011 $3.82 48,072 -1.43%
48
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 51 of 111
Date
SPU Closing
Price
SPU Trading
Volume
SPU
Logarithmic
Return
Exhibit-3
SkyPeople Fruit Juice (SPU) Stock Price, Volume &
Returns
March 30, 2010 through J une 1, 2011
4/27/2011 $3.70 122,416 -3.06%
4/28/2011 $3.11 726,001 -17.53%
4/29/2011 $3.20 317,980 3.01%
5/2/2011 $3.25 147,993 1.40%
5/3/2011 $3.23 183,485 -0.46%
5/4/2011 $3.21 164,608 -0.62%
5/5/2011 $3.14 110,283 -2.20%
5/6/2011 $3.23 167,926 2.83%
5/9/2011 $3.22 67,852 -0.31%
5/10/2011 $3.29 109,506 2.00%
5/11/2011 $3.37 181,268 2.55%
5/12/2011 $3.62 105,793 7.16%
5/13/2011 $3.43 89,803 -5.39%
5/16/2011 $3.41 146,005 -0.58%
5/17/2011 $3.60 149,361 5.42%
5/18/2011 $3.62 138,853 0.55%
5/19/2011 $3.67 169,564 1.24%
5/20/2011 $3.51 89,350 -4.32%
5/23/2011 $3.35 95,775 -4.67%
5/24/2011 $3.26 170,998 -2.72%
5/25/2011 $3.10 230,279 -5.03%
5/26/2011 $2.98 263,792 -3.95%
5/27/2011 $2.81 248,068 -5.87%
5/31/2011 $2.55 599,681 -9.71%
6/1/2011 $2.08 1,691,579 -20.37%
Source: CRSP
49
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 52 of 111
Exhibit-4
Market Makers in SkyPeople (SPU) Common Stock
April 2010 to May 2011
Name Volume
KNIGHT EQUITY MARKETS, L.P. 5,381,137
UBS SECURITIES LLC. 2,906,896
WEDBUSH MORGAN SECURITIES INC. 1,772,130
CITADEL SECURITIES LLC 1,626,324
MORGAN STANLEY & CO., INCORPOR 1,564,961
PERSHING TRADING COMPANY L.P. 1,385,477
PENSON FINANCIAL SERVICES, INC. 1,296,770
INTERACTIVE BROKERS LLC 1,114,053
CITIGROUP GLOBAL MARKETS INC. 1,112,819
MERRILL LYNCH 1,110,441
AMERITRADE, INC. 904,030
RODMAN AND RENSHAW LLC 867,934
NATIONAL FINANCIAL SERVICES LL 841,530
LIME BROKERAGE LLC 781,822
SCOTTRADE, INC. 701,356
GOLDMAN SACHS 673,015
INSTINET CORPORATION 616,372
BARCLAYS CAPITAL INC. 582,854
CREDIT SUISSE FIRST BOSTON LLC 403,099
CHARLES SCHWAB AND CO. INC. 344,703
T.R. WINSTON & COMPANY, LLC 293,469
ROTH CAPITAL PARTNERS, LLC 267,412
MEYERS ASSOCIATES, L.P. 252,977
J .P. MORGAN SECURITIES INC. 221,604
E*TRADE CLEARING LLC 219,419
WEDBUSH SECURITIES INC. 194,744
HELFANT GROUP, INC. 135,277
ELECTRONIC TRANSACTION CLEARING, INC. 126,428
E*TRADE CAPITAL MKTS LLC 121,732
DEUTSCHE BANK SECURITIES INC. 114,822
RBC CAPITAL MARKETS 104,203
ASSENT LLC 98,326
ITG INC. 93,005
FOLIOFN INVESTMENTS, INC. 89,744
WEDBUSH SECURITIES INC. 85,868
50
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 53 of 111
Exhibit-4
Market Makers in SkyPeople (SPU) Common Stock
April 2010 to May 2011
Name Volume
ROSENBLATT SECURITIES INC. 82,237
J EFFERIES & COMPANY, INC. 80,303
OPPENHEIMER & CO. INC. 76,696
SLOAN SECURITIES CORP 75,000
CANTOR FITZGERALD & CO. 70,872
M.S. HOWELLS & CO. 69,200
TRIAD SECURITIES CORP 69,000
SUSQUEHANNA CAPITAL GROUP 67,593
SECURITIES INVESTMENT PLANNING 66,900
FIRST CLEARING, LLC 63,590
TRADEBOT SYSTEMS, INC. 63,197
DAIN CORRESPONDENT SERVICES 62,226
EBX LLC 59,000
WEDBUSH SECURITIES INC. 57,398
DART EXECUTIONS, LLC 53,588
ALTERNET SECURITIES, INC. 51,695
BRUT, LLC 48,745
US CLEARING CORP DIV OF FLEET 46,894
PACIFIC AMERICAN SECURITIES LL 44,800
NOMURA SECURITIES INTERNATIONA 40,935
MERRILL LYNCH PRO CLEARING COR 40,767
O'CONNOR & COMPANY LLC 35,585
VANGUARD BROKERAGE SERVICES 34,256
FIMAT USA, INC. 34,115
WELLS FARGO INVESTMENTS, LLC 31,211
NORMANDY SECURITIES INC. 30,091
PENSON FINANCIAL SERVICES, INC. 29,900
MERLIN SECURITIES, LLC 26,900
WEDBUSH SECURITIES INC. 26,679
WEEDEN & CO.L.P. 25,564
HARRIS NESBITT CORP. 23,770
BANCA IMI SECURITIES CORP. 23,075
SUBERT SECURITIES INC. 21,008
J ERICHO INVESTMENTS, LLC 20,449
BNY BROKERAGE INC. 20,153
51
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 54 of 111
Exhibit-4
Market Makers in SkyPeople (SPU) Common Stock
April 2010 to May 2011
Name Volume
WOLVERINE EXECUTION SERVICES, 18,822
MONNESS CRESPI HARDT AND CO. I 18,400
HUDSON SECURITIES 16,500
MKM PARTNERS 15,016
ZACKS & COMPANY 14,134
CIBC WORLD MARKETS INC. (CDS) 13,536
SUCCESS TRADE 13,460
OPTIONSXPRESS, INC. 13,135
BREAN MURRAY AND CO. INC. 12,931
NEONET SECURITIES, INC. 11,780
TIMBER HILL LLC 11,521
GRACE FINANCIAL GROUP LLC 11,300
DOMESTIC SECURITIES, INC. 11,107
PULSE TRADING INC. 11,000
MAN SECURITIES INC. 10,565
FOX RIVER EXECUTION TEHNOLOGY, LLC 10,039
PINNACLE CAPITAL MARKETS, INC. 10,000
TERRA NOVA TRADING 9,895
NORTHPOINT TRADING PARTNERS, LLC 9,645
BRIARCLIFF CAPITAL CORP. 9,077
SOUTHWEST SECURITIES, INC. 8,800
BAYPOINT TRADING LLC 7,800
LINSCO/PRIVATE LEDGER CORP. 7,640
WUNDERLICH SECURITIES INC. 6,604
MOORS AND CABOT INC. 6,550
NESBITT BURNS INC. 6,157
TD SECURITIES INC. 5,950
THINKORSWIM, INC. 5,650
SANDERS MORRIS HARRIS INC. 5,596
UBS FINANCIAL SERVICES INC. 5,300
LABRANCHE FINANCIAL SERVICES, 5,271
FIRST NEW YORK SECURITIES CO 5,000
LEGEND SECURITIES, INC. 5,000
PICTET OVERSEAS INC. 5,000
RAYMOND J AMES AND ASSOCIATES I 4,820
52
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 55 of 111
Exhibit-4
Market Makers in SkyPeople (SPU) Common Stock
April 2010 to May 2011
Name Volume
INTERNATIONAL CORRESPONDENT TR 4,640
ELECTRONIC BROKERAGE SYSTEMS, LLC 4,523
BTIG, LLC 4,200
THE GRISWOLD COMPANY, INCORPOR 4,100
B. RILEY AND CO. INC. 4,000
J ONES AND ASSOCIATES INC. 3,900
USAA INVESTMENT MANAGEMENT COM 3,595
FIRST SOUTHWEST CO. 3,500
BROWN BROTHERS HARRIMAN 3,400
LADENBURG, THALMANN & CO. INC. 3,000
TRACK DATA SECURITIES CORP. 2,982
STIFEL NICOLAUS 2,931
STATE STREET GLOBAL MARKETS, L 2,900
STERNE AGEE AND LEACH INC. 2,700
TRADESTATION SECURITIES, INC. 2,700
NBCN CLEARING, INC./CDS 2,655
BOENNING AND SCATTERGOOD INC. 2,600
AMERICAN ENTERPRISE INVESTMENT 2,335
LAMPOST CAPITAL LLC 2,330
U.S. BANCORP INVESTMENTS, INC. 2,300
YAMNER AND CO. INC. 2,300
CUTTONE & CO., INC. 2,000
CANACCORD CAPITAL (U.S.A.), IN 1,679
COLLINS STEWART INC. 1,665
J NK SECURITIES CORP. 1,608
EDWARD D. J ONES & CO., L.P. 1,600
WILLIAM BLAIR & COMPANY L.L.C. 1,600
J J B HILLIARD W L LYONS 1,500
CHARDAN CAPITAL MARKETS LLC 1,300
BIREMIS LLC 1,200
STOCK USA INVESTMENTS 1,200
SANFORD C. BERNSTEIN AND CO. I 1,100
MILLENCO 1,000
PAULSON INVESTMENT CO. INC. 875
GFI SECURITIES LLC 800
53
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 56 of 111
Exhibit-4
Market Makers in SkyPeople (SPU) Common Stock
April 2010 to May 2011
Name Volume
ELECTRONIC BROKERAGE SYSTEMS I 691
ROBERT W. BAIRD & CO. INCORPOR 620
MAXIM GROUP, LLC 600
SJ LEVINSON LLC 600
GETCO EXECUTION SERVICES LLC. 519
MAJ OR LEAGUE SECURITIES INC. 500
HSBC SECURITIES (USA) INC. 467
GILFORD SECURITIES INC. 400
KERSHNER SECURITIES, LLC 400
SPARTAN SECURITIES GROUP LTD 300
THE GAUSSIAN GROUP, LLC 250
PRIMEVEST FINANCIAL SERVICES, 200
LEK SECURITIES CORPORATION 100
MB TRADING 99
COWEN & CO., LLC 19
Source: Bloomberg LP
54
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 57 of 111
Exhibit-5
Market & Peer Index Levels & Returns
March 30, 2010 through J une 1, 2011
Date
CRSP Market
Total Return
Index Level
[1]
CBOE China
Index Level
[2]
Market Index
Logarithmic
Return
Peer Index
Logarithmic
Return
3/30/2010 3,297.17 594.37
3/31/2010 3,287.80 585.85 -0.28% -1.44%
4/1/2010 3,315.91 595.46 0.85% 1.63%
4/5/2010 3,347.90 601.86 0.96% 1.07%
4/6/2010 3,354.97 601.27 0.21% -0.10%
4/7/2010 3,336.73 596.14 -0.55% -0.86%
4/8/2010 3,346.46 600.84 0.29% 0.79%
4/9/2010 3,368.90 607.58 0.67% 1.12%
4/12/2010 3,375.25 602.57 0.19% -0.83%
4/13/2010 3,377.76 600.89 0.07% -0.28%
4/14/2010 3,419.79 609.71 1.24% 1.46%
4/15/2010 3,420.22 610.56 0.01% 0.14%
4/16/2010 3,365.00 591.46 -1.63% -3.18%
4/19/2010 3,373.12 585.03 0.24% -1.09%
4/20/2010 3,406.45 595.08 0.98% 1.70%
4/21/2010 3,404.52 589.63 -0.06% -0.92%
4/22/2010 3,416.91 593.42 0.36% 0.64%
4/23/2010 3,442.50 597.30 0.75% 0.65%
4/26/2010 3,431.20 596.37 -0.33% -0.16%
4/27/2010 3,348.74 575.77 -2.43% -3.52%
4/28/2010 3,366.43 575.94 0.53% 0.03%
4/29/2010 3,412.72 584.97 1.37% 1.56%
4/30/2010 3,354.36 581.74 -1.72% -0.55%
5/3/2010 3,398.20 583.80 1.30% 0.35%
5/4/2010 3,311.77 559.03 -2.58% -4.34%
5/5/2010 3,281.32 552.09 -0.92% -1.25%
5/6/2010 3,173.39 529.77 -3.34% -4.13%
5/7/2010 3,121.91 527.70 -1.64% -0.39%
5/10/2010 3,263.20 561.25 4.43% 6.16%
5/11/2010 3,260.30 555.05 -0.09% -1.11%
5/12/2010 3,313.96 567.52 1.63% 2.22%
5/13/2010 3,277.64 562.49 -1.10% -0.89%
5/14/2010 3,213.44 547.83 -1.98% -2.64%
5/17/2010 3,211.87 539.05 -0.05% -1.62%
5/18/2010 3,167.75 538.49 -1.38% -0.10%
55
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 58 of 111
Exhibit-5
Market & Peer Index Levels & Returns
March 30, 2010 through J une 1, 2011
Date
CRSP Market
Total Return
Index Level
[1]
CBOE China
Index Level
[2]
Market Index
Logarithmic
Return
Peer Index
Logarithmic
Return
5/19/2010 3,145.23 528.92 -0.71% -1.79%
5/20/2010 3,016.81 506.59 -4.17% -4.31%
5/21/2010 3,063.20 524.65 1.53% 3.50%
5/24/2010 3,025.68 522.81 -1.23% -0.35%
5/25/2010 3,025.41 515.66 -0.01% -1.38%
5/26/2010 3,016.59 514.29 -0.29% -0.27%
5/27/2010 3,123.21 542.14 3.47% 5.27%
5/28/2010 3,086.08 536.52 -1.20% -1.04%
6/1/2010 3,028.16 524.97 -1.89% -2.18%
6/2/2010 3,109.68 537.90 2.66% 2.43%
6/3/2010 3,125.22 539.95 0.50% 0.38%
6/4/2010 3,011.63 521.90 -3.70% -3.40%
6/7/2010 2,968.53 511.45 -1.44% -2.02%
6/8/2010 2,996.07 519.16 0.92% 1.50%
6/9/2010 2,984.34 518.87 -0.39% -0.06%
6/10/2010 3,073.57 538.35 2.95% 3.69%
6/11/2010 3,092.77 541.84 0.62% 0.65%
6/14/2010 3,092.65 542.32 0.00% 0.09%
6/15/2010 3,167.16 557.40 2.38% 2.74%
6/16/2010 3,163.33 557.11 -0.12% -0.05%
6/17/2010 3,166.10 551.34 0.09% -1.04%
6/18/2010 3,171.48 554.19 0.17% 0.52%
6/21/2010 3,157.33 567.76 -0.45% 2.42%
6/22/2010 3,105.66 556.45 -1.65% -2.01%
6/23/2010 3,096.25 561.58 -0.30% 0.92%
6/24/2010 3,045.15 551.57 -1.66% -1.80%
6/25/2010 3,063.31 556.23 0.59% 0.84%
6/28/2010 3,053.99 555.86 -0.30% -0.07%
6/29/2010 2,952.24 531.37 -3.39% -4.51%
6/30/2010 2,925.31 532.39 -0.92% 0.19%
7/1/2010 2,913.74 536.15 -0.40% 0.70%
7/2/2010 2,902.94 533.10 -0.37% -0.57%
7/6/2010 2,912.50 532.72 0.33% -0.07%
7/7/2010 3,003.87 543.47 3.09% 2.00%
7/8/2010 3,033.13 540.84 0.97% -0.49%
56
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 59 of 111
Exhibit-5
Market & Peer Index Levels & Returns
March 30, 2010 through J une 1, 2011
Date
CRSP Market
Total Return
Index Level
[1]
CBOE China
Index Level
[2]
Market Index
Logarithmic
Return
Peer Index
Logarithmic
Return
7/9/2010 3,060.44 548.85 0.90% 1.47%
7/12/2010 3,056.66 544.73 -0.12% -0.75%
7/13/2010 3,109.90 552.70 1.73% 1.45%
7/14/2010 3,107.87 549.91 -0.07% -0.51%
7/15/2010 3,109.27 548.74 0.04% -0.21%
7/16/2010 3,019.48 536.23 -2.93% -2.31%
7/19/2010 3,034.72 540.05 0.50% 0.71%
7/20/2010 3,073.36 550.55 1.26% 1.93%
7/21/2010 3,033.36 547.82 -1.31% -0.50%
7/22/2010 3,105.46 564.01 2.35% 2.91%
7/23/2010 3,135.84 568.86 0.97% 0.86%
7/26/2010 3,172.92 572.89 1.18% 0.71%
7/27/2010 3,164.98 570.00 -0.25% -0.51%
7/28/2010 3,140.85 565.99 -0.77% -0.71%
7/29/2010 3,132.26 563.81 -0.27% -0.39%
7/30/2010 3,136.91 573.16 0.15% 1.64%
8/2/2010 3,201.94 585.94 2.05% 2.21%
8/3/2010 3,185.11 581.57 -0.53% -0.75%
8/4/2010 3,209.37 589.20 0.76% 1.30%
8/5/2010 3,201.25 591.07 -0.25% 0.32%
8/6/2010 3,189.53 589.41 -0.37% -0.28%
8/9/2010 3,208.53 593.25 0.59% 0.65%
8/10/2010 3,182.61 582.43 -0.81% -1.84%
8/11/2010 3,088.65 565.60 -3.00% -2.93%
8/12/2010 3,073.77 565.81 -0.48% 0.04%
8/13/2010 3,061.41 565.67 -0.40% -0.02%
8/16/2010 3,065.52 568.83 0.13% 0.56%
8/17/2010 3,108.84 573.29 1.40% 0.78%
8/18/2010 3,116.28 571.17 0.24% -0.37%
8/19/2010 3,063.26 572.10 -1.72% 0.16%
8/20/2010 3,053.08 573.47 -0.33% 0.24%
8/23/2010 3,038.17 566.33 -0.49% -1.25%
8/24/2010 2,993.39 558.09 -1.48% -1.47%
8/25/2010 3,007.40 557.00 0.47% -0.20%
8/26/2010 2,986.95 554.63 -0.68% -0.43%
57
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 60 of 111
Exhibit-5
Market & Peer Index Levels & Returns
March 30, 2010 through J une 1, 2011
Date
CRSP Market
Total Return
Index Level
[1]
CBOE China
Index Level
[2]
Market Index
Logarithmic
Return
Peer Index
Logarithmic
Return
8/27/2010 3,042.93 566.63 1.86% 2.14%
8/30/2010 2,998.96 557.08 -1.46% -1.70%
8/31/2010 2,999.11 560.95 0.00% 0.69%
9/1/2010 3,087.62 574.88 2.91% 2.45%
9/2/2010 3,117.67 577.66 0.97% 0.48%
9/3/2010 3,158.96 583.59 1.32% 1.02%
9/7/2010 3,120.83 573.51 -1.21% -1.74%
9/8/2010 3,140.83 574.46 0.64% 0.17%
9/9/2010 3,152.94 577.10 0.38% 0.46%
9/10/2010 3,167.29 578.76 0.45% 0.29%
9/13/2010 3,208.21 595.55 1.28% 2.86%
9/14/2010 3,207.45 595.16 -0.02% -0.07%
9/15/2010 3,217.20 595.68 0.30% 0.09%
9/16/2010 3,214.88 597.32 -0.07% 0.27%
9/17/2010 3,218.78 596.67 0.12% -0.11%
9/20/2010 3,268.16 607.02 1.52% 1.72%
9/21/2010 3,257.58 606.15 -0.32% -0.14%
9/22/2010 3,240.76 605.58 -0.52% -0.09%
9/23/2010 3,214.10 606.24 -0.83% 0.11%
9/24/2010 3,283.20 620.64 2.13% 2.35%
9/27/2010 3,268.17 620.67 -0.46% 0.00%
9/28/2010 3,287.15 623.34 0.58% 0.43%
9/29/2010 3,283.37 627.42 -0.11% 0.65%
9/30/2010 3,276.61 624.76 -0.21% -0.42%
10/1/2010 3,292.60 625.63 0.49% 0.14%
10/4/2010 3,264.83 625.65 -0.85% 0.00%
10/5/2010 3,332.59 639.50 2.05% 2.19%
10/6/2010 3,331.14 632.86 -0.04% -1.04%
10/7/2010 3,324.37 629.96 -0.20% -0.46%
10/8/2010 3,349.67 634.07 0.76% 0.65%
10/11/2010 3,351.49 643.54 0.05% 1.48%
10/12/2010 3,364.31 641.81 0.38% -0.27%
10/13/2010 3,393.69 650.91 0.87% 1.41%
10/14/2010 3,380.69 649.19 -0.38% -0.26%
10/15/2010 3,383.46 652.50 0.08% 0.51%
58
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 61 of 111
Exhibit-5
Market & Peer Index Levels & Returns
March 30, 2010 through J une 1, 2011
Date
CRSP Market
Total Return
Index Level
[1]
CBOE China
Index Level
[2]
Market Index
Logarithmic
Return
Peer Index
Logarithmic
Return
10/18/2010 3,405.25 656.90 0.64% 0.67%
10/19/2010 3,346.70 639.62 -1.73% -2.67%
10/20/2010 3,384.50 650.26 1.12% 1.65%
10/21/2010 3,385.94 653.75 0.04% 0.54%
10/22/2010 3,395.03 656.01 0.27% 0.35%
10/25/2010 3,407.44 673.44 0.37% 2.62%
10/26/2010 3,406.09 674.27 -0.04% 0.12%
10/27/2010 3,395.33 663.82 -0.32% -1.56%
10/28/2010 3,398.87 662.34 0.10% -0.22%
10/29/2010 3,404.33 664.87 0.16% 0.38%
11/1/2010 3,404.71 673.17 0.01% 1.24%
11/2/2010 3,435.58 680.03 0.90% 1.01%
11/3/2010 3,447.51 683.76 0.35% 0.55%
11/4/2010 3,516.29 689.42 1.98% 0.82%
11/5/2010 3,530.86 690.64 0.41% 0.18%
11/8/2010 3,527.59 702.29 -0.09% 1.67%
11/9/2010 3,497.89 690.68 -0.85% -1.67%
11/10/2010 3,516.97 693.74 0.54% 0.44%
11/11/2010 3,504.23 696.51 -0.36% 0.40%
11/12/2010 3,457.60 676.24 -1.34% -2.95%
11/15/2010 3,453.40 672.69 -0.12% -0.53%
11/16/2010 3,395.05 652.87 -1.70% -2.99%
11/17/2010 3,400.49 657.67 0.16% 0.73%
11/18/2010 3,453.48 668.34 1.55% 1.61%
11/19/2010 3,466.75 662.70 0.38% -0.85%
11/22/2010 3,465.70 664.65 -0.03% 0.29%
11/23/2010 3,416.65 648.60 -1.43% -2.44%
11/24/2010 3,470.87 663.17 1.57% 2.22%
11/26/2010 3,447.49 656.16 -0.68% -1.06%
11/29/2010 3,444.03 661.54 -0.10% 0.82%
11/30/2010 3,423.66 646.31 -0.59% -2.33%
12/1/2010 3,495.63 659.42 2.08% 2.01%
12/2/2010 3,538.69 671.42 1.22% 1.80%
12/3/2010 3,552.41 676.54 0.39% 0.76%
12/6/2010 3,552.36 681.70 0.00% 0.76%
59
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 62 of 111
Exhibit-5
Market & Peer Index Levels & Returns
March 30, 2010 through J une 1, 2011
Date
CRSP Market
Total Return
Index Level
[1]
CBOE China
Index Level
[2]
Market Index
Logarithmic
Return
Peer Index
Logarithmic
Return
12/7/2010 3,553.68 681.79 0.04% 0.01%
12/8/2010 3,559.85 669.83 0.17% -1.77%
12/9/2010 3,572.97 676.86 0.37% 1.04%
12/10/2010 3,596.40 677.99 0.65% 0.17%
12/13/2010 3,596.49 672.83 0.00% -0.76%
12/14/2010 3,597.62 664.09 0.03% -1.31%
12/15/2010 3,579.13 657.02 -0.52% -1.07%
12/16/2010 3,600.50 651.47 0.60% -0.85%
12/17/2010 3,606.11 651.22 0.16% -0.04%
12/20/2010 3,612.75 651.07 0.18% -0.02%
12/21/2010 3,638.81 665.52 0.72% 2.20%
12/22/2010 3,650.43 666.86 0.32% 0.20%
12/23/2010 3,646.08 661.09 -0.12% -0.87%
12/27/2010 3,648.61 658.58 0.07% -0.38%
12/28/2010 3,651.28 653.57 0.07% -0.76%
12/29/2010 3,660.83 657.34 0.26% 0.58%
12/30/2010 3,657.81 656.63 -0.08% -0.11%
12/31/2010 3,656.36 658.30 -0.04% 0.25%
1/3/2011 3,698.08 672.80 1.13% 2.18%
1/4/2011 3,683.81 679.16 -0.39% 0.94%
1/5/2011 3,704.45 682.01 0.56% 0.42%
1/6/2011 3,695.52 680.46 -0.24% -0.23%
1/7/2011 3,688.53 677.12 -0.19% -0.49%
1/10/2011 3,685.92 681.14 -0.07% 0.59%
1/11/2011 3,704.36 693.51 0.50% 1.80%
1/12/2011 3,737.63 700.44 0.89% 0.99%
1/13/2011 3,730.83 700.86 -0.18% 0.06%
1/14/2011 3,756.32 698.83 0.68% -0.29%
1/18/2011 3,764.35 705.91 0.21% 1.01%
1/19/2011 3,717.42 701.00 -1.25% -0.70%
1/20/2011 3,703.77 692.72 -0.37% -1.19%
1/21/2011 3,708.86 690.78 0.14% -0.28%
1/24/2011 3,732.61 696.11 0.64% 0.77%
1/25/2011 3,731.14 690.78 -0.04% -0.77%
1/26/2011 3,758.63 699.40 0.73% 1.24%
60
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 63 of 111
Exhibit-5
Market & Peer Index Levels & Returns
March 30, 2010 through J une 1, 2011
Date
CRSP Market
Total Return
Index Level
[1]
CBOE China
Index Level
[2]
Market Index
Logarithmic
Return
Peer Index
Logarithmic
Return
1/27/2011 3,767.26 706.90 0.23% 1.07%
1/28/2011 3,701.60 687.79 -1.76% -2.74%
1/31/2011 3,730.04 702.91 0.77% 2.17%
2/1/2011 3,794.13 720.02 1.70% 2.41%
2/2/2011 3,785.74 721.55 -0.22% 0.21%
2/3/2011 3,797.00 720.05 0.30% -0.21%
2/4/2011 3,805.62 722.75 0.23% 0.37%
2/7/2011 3,829.50 721.05 0.63% -0.24%
2/8/2011 3,847.14 725.93 0.46% 0.67%
2/9/2011 3,834.30 715.84 -0.33% -1.40%
2/10/2011 3,839.98 725.83 0.15% 1.39%
2/11/2011 3,863.71 735.33 0.62% 1.30%
2/14/2011 3,876.94 734.95 0.34% -0.05%
2/15/2011 3,864.26 730.74 -0.33% -0.57%
2/16/2011 3,893.60 735.10 0.76% 0.59%
2/17/2011 3,908.89 738.00 0.39% 0.39%
2/18/2011 3,913.39 738.41 0.12% 0.06%
2/22/2011 3,830.22 705.66 -2.15% -4.54%
2/23/2011 3,804.28 697.81 -0.68% -1.12%
2/24/2011 3,804.08 707.03 -0.01% 1.31%
2/25/2011 3,853.50 718.41 1.29% 1.60%
2/28/2011 3,874.06 722.87 0.53% 0.62%
3/1/2011 3,815.19 715.13 -1.53% -1.08%
3/2/2011 3,825.86 715.46 0.28% 0.05%
3/3/2011 3,888.43 725.09 1.62% 1.34%
3/4/2011 3,864.76 725.32 -0.61% 0.03%
3/7/2011 3,827.92 715.80 -0.96% -1.32%
3/8/2011 3,859.26 728.74 0.82% 1.79%
3/9/2011 3,849.52 731.54 -0.25% 0.38%
3/10/2011 3,772.93 721.86 -2.01% -1.33%
3/11/2011 3,799.58 727.89 0.70% 0.83%
3/14/2011 3,778.35 725.41 -0.56% -0.34%
3/15/2011 3,736.45 715.59 -1.11% -1.36%
3/16/2011 3,673.66 695.46 -1.69% -2.85%
3/17/2011 3,718.72 696.35 1.22% 0.13%
61
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 64 of 111
Exhibit-5
Market & Peer Index Levels & Returns
March 30, 2010 through J une 1, 2011
Date
CRSP Market
Total Return
Index Level
[1]
CBOE China
Index Level
[2]
Market Index
Logarithmic
Return
Peer Index
Logarithmic
Return
3/18/2011 3,736.52 688.95 0.48% -1.07%
3/21/2011 3,798.46 709.29 1.64% 2.91%
3/22/2011 3,785.80 710.39 -0.33% 0.15%
3/23/2011 3,796.42 720.04 0.28% 1.35%
3/24/2011 3,829.37 727.79 0.86% 1.07%
3/25/2011 3,841.75 730.12 0.32% 0.32%
3/28/2011 3,828.93 728.79 -0.33% -0.18%
3/29/2011 3,856.73 740.60 0.72% 1.61%
3/30/2011 3,888.50 746.45 0.82% 0.79%
3/31/2011 3,885.61 754.51 -0.07% 1.07%
4/1/2011 3,906.83 766.24 0.54% 1.54%
4/4/2011 3,911.04 780.25 0.11% 1.81%
4/5/2011 3,916.24 778.69 0.13% -0.20%
4/6/2011 3,922.89 774.83 0.17% -0.50%
4/7/2011 3,913.97 779.51 -0.23% 0.60%
4/8/2011 3,899.87 782.98 -0.36% 0.44%
4/11/2011 3,881.66 779.35 -0.47% -0.46%
4/12/2011 3,845.74 764.32 -0.93% -1.95%
4/13/2011 3,850.50 777.95 0.12% 1.77%
4/14/2011 3,851.95 780.94 0.04% 0.38%
4/15/2011 3,867.21 783.16 0.40% 0.28%
4/18/2011 3,822.09 783.81 -1.17% 0.08%
4/19/2011 3,843.98 795.21 0.57% 1.44%
4/20/2011 3,898.87 798.91 1.42% 0.46%
4/21/2011 3,921.84 802.17 0.59% 0.41%
4/25/2011 3,914.55 805.69 -0.19% 0.44%
4/26/2011 3,947.11 798.19 0.83% -0.94%
4/27/2011 3,971.34 794.92 0.61% -0.41%
4/28/2011 3,983.29 794.24 0.30% -0.09%
4/29/2011 3,995.54 799.69 0.31% 0.68%
5/2/2011 3,981.66 798.87 -0.35% -0.10%
5/3/2011 3,955.69 775.05 -0.65% -3.03%
5/4/2011 3,924.57 764.23 -0.79% -1.41%
5/5/2011 3,888.22 764.39 -0.93% 0.02%
5/6/2011 3,905.97 774.61 0.46% 1.33%
62
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 65 of 111
Exhibit-5
Market & Peer Index Levels & Returns
March 30, 2010 through J une 1, 2011
Date
CRSP Market
Total Return
Index Level
[1]
CBOE China
Index Level
[2]
Market Index
Logarithmic
Return
Peer Index
Logarithmic
Return
5/9/2011 3,929.76 783.77 0.61% 1.18%
5/10/2011 3,963.31 784.29 0.85% 0.07%
5/11/2011 3,915.12 770.78 -1.22% -1.74%
5/12/2011 3,931.29 763.60 0.41% -0.94%
5/13/2011 3,896.26 749.60 -0.90% -1.85%
5/16/2011 3,868.65 738.56 -0.71% -1.48%
5/17/2011 3,866.06 737.53 -0.07% -0.14%
5/18/2011 3,907.89 743.62 1.08% 0.82%
5/19/2011 3,917.44 747.86 0.24% 0.57%
5/20/2011 3,890.40 735.27 -0.69% -1.70%
5/23/2011 3,839.60 710.34 -1.31% -3.45%
5/24/2011 3,837.31 714.15 -0.06% 0.53%
5/25/2011 3,856.94 718.10 0.51% 0.55%
5/26/2011 3,877.45 721.53 0.53% 0.48%
5/27/2011 3,897.10 733.23 0.51% 1.61%
5/31/2011 3,937.26 746.30 1.03% 1.77%
6/1/2011 3,845.06 732.86 -2.37% -1.82%
Sources:
[1] CRSP
[2] Capital IQ
63
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 66 of 111
E
x
h
i
b
i
t
-
6
M
u
l
t
i
p
l
e
R
0
.
4
7
1
R
S
q
u
a
r
e
d
0
.
2
2
2
A
d
j
u
s
t
e
d
R
S
q
u
a
r
e
d
0
.
1
9
8
S
t
a
n
d
a
r
d
E
r
r
o
r
3
.
4
0
%
O
b
s
e
r
v
a
t
i
o
n
s
2
9
6
F
-
S
t
a
t
i
s
t
i
c
9
.
0
8
F
-
S
t
a
t
i
s
t
i
c
S
i
g
n
i
f
i
c
a
n
c
e
L
e
v
e
l
~
0
.
0
0
%
I
n
t
e
r
c
e
p
t
-
0
.
2
7
6
%
0
.
2
0
1
%
-
1
.
3
7
8
M
a
r
k
e
t
I
n
d
e
x
0
.
1
7
5
0
.
3
3
2
0
.
5
2
5
P
e
e
r
I
n
d
e
x
0
.
4
8
8
0
.
2
4
6
1
.
9
8
1
A
p
r
i
l
1
,
2
0
1
0
-
0
.
0
3
5
0
.
0
3
4
-
1
.
0
4
0
M
a
y
1
8
,
2
0
1
0
-
0
.
0
5
1
0
.
0
3
4
-
1
.
4
9
5
A
u
g
u
s
t
1
6
,
2
0
1
0
0
.
0
3
9
0
.
0
3
4
1
.
1
5
6
N
o
v
e
m
b
e
r
1
6
,
2
0
1
0
-
0
.
0
5
0
0
.
0
3
4
-
1
.
4
5
0
A
p
r
i
l
1
,
2
0
1
1
-
0
.
1
4
2
0
.
0
3
4
-
4
.
1
4
9
M
a
y
1
7
,
2
0
1
1
0
.
0
5
8
0
.
0
3
4
1
.
6
9
8
J
u
n
e
1
,
2
0
1
1
-
0
.
1
8
8
0
.
0
3
4
-
5
.
4
6
9
R
e
g
r
e
s
s
i
o
n
S
t
a
t
i
s
t
i
c
s C
o
e
f
f
i
c
i
e
n
t
s
S
t
a
n
d
a
r
d
E
r
r
o
r
t
-
s
t
a
t
i
s
t
i
c
S
k
y
P
e
o
p
l
e
F
r
u
i
t
J
u
i
c
e
(
S
P
U
)
R
e
g
r
e
s
s
i
o
n
R
e
s
u
l
t
s
E
s
t
i
m
a
t
i
o
n
P
e
r
i
o
d
:
M
a
r
c
h
3
1
,
2
0
1
0
t
h
r
o
u
g
h
J
u
n
e
1
,
2
0
1
1
6
4
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 67 of 111
E
x
h
i
b
i
t
-
7
S
k
y
P
e
o
p
l
e
F
r
u
i
t
J
u
i
c
e
(
S
P
U
)
E
v
e
n
t
S
t
u
d
y
R
e
s
u
l
t
s
D
a
t
e
S
P
U
C
l
o
s
i
n
g
P
r
i
c
e
S
P
U
V
o
l
u
m
e
[
1
]
S
P
U
L
o
g
R
e
t
u
r
n
M
a
r
k
e
t
I
n
d
e
x
L
o
g
R
e
t
u
r
n
P
e
e
r
I
n
d
e
x
L
o
g
R
e
t
u
r
n
S
P
U
E
x
p
l
a
i
n
e
d
R
e
t
u
r
n
S
P
U
R
e
s
i
d
u
a
l
R
e
t
u
r
n
t
-
s
t
a
t
i
s
t
i
c
S
t
a
t
i
s
t
i
c
a
l
S
i
g
n
i
f
i
c
a
n
c
e
L
e
v
e
l
[
2
]
A
p
r
i
l
1
,
2
0
1
1
$
3
.
8
5
8
9
7
,
3
0
1
-
1
3
.
5
8
%
0
.
5
4
%
1
.
5
4
%
0
.
5
7
%
-
1
4
.
1
5
%
-
4
.
1
7
0
.
0
0
%
J
u
n
e
1
,
2
0
1
1
$
2
.
0
8
1
,
6
9
1
,
5
7
9
-
2
0
.
3
7
%
-
2
.
3
7
%
-
1
.
8
2
%
-
1
.
5
8
%
-
1
8
.
8
0
%
-
5
.
5
3
0
.
0
0
%
N
o
t
e
s
:
[
1
]
A
v
e
r
a
g
e
d
a
i
l
y
v
o
l
u
m
e
d
u
r
i
n
g
t
h
e
C
l
a
s
s
P
e
r
i
o
d
w
a
s
1
5
7
,
3
6
3
s
h
a
r
e
s
.
[
2
]
T
h
e
c
o
n
f
i
d
e
n
c
e
l
e
v
e
l
i
s
e
q
u
a
l
t
o
1
m
i
n
u
s
t
h
e
s
t
a
t
i
s
t
i
c
a
l
s
i
g
n
i
f
i
c
a
n
c
e
l
e
v
e
l
.
6
5
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 68 of 111
EXHIBIT 2
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 69 of 111
DECLARATION OF ZACHARY LEWY
I, Zachary Lewy, declare, under penalty of perjury as follows:
1. I submit this declaration in support of my motion for Class
Certification and for my appointment as oneof theClass Representatives.
2. I have read the initial complaint, andread and authorized the filing of
the Consolidated Amended Complaint (the "Complaint") that was filed against
defendants SkyPeople Fruit J uice, Inc., ("SkyPeople"), Yongke Xue, Hongke
Xue, Xiaoqin Yan, Spring Liu, Norman Ko, Guolin Wang, (together with
SkyPeople, the " SkyPeople Defendants"), bankrupt defendant Rodman &
Renshaw, LLC ("Rodman") and former defendants BDO Limited, and Child, Van
Wagoner & Bradshaw, PLLC. I believe theaction tobemeritorious.
3. I amawarethat I amtheLead Plaintiff inthis case.
4. I amaware that the Complaint alleges, among other things, that the
SkyPeople Defendants violated Sections 10(b) and 20(a) of the Securities and
Exchange Act of 1934 (the "Exchange Act") by making materially false and
misleading statements. Among other things, the Complaint charges that
SkyPeople's revenues in 2009 were about $3,859,000, but that the SkyPeople
Defendants represented to U.S. investors that SkyPeople had earned $59,250,000
that year.
5. I amaware that a class action lawsuit, like this one, is brought on
behalf of not only myself but other shareholders that have been wronged in the
sameway by Defendants.
6. I understand that I amseeking to represent aclass of all persons who
bought or acquired SkyPeople common stock between March 31, 2010, and J une
1, 2011.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 70 of 111
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 71 of 111
7. I understand that in September 2012, the Court denied in part the
SkyPeople Defendants' motions to dismiss the claims I assert. Thus, the case has
moved into discovery.
8. I have communicated with counsel throughout the course of this
action. I have responded to discovery. My deposition is scheduled to take place on
J uly 12,2013.
9. I understand that a class representative is arepresentative party who
acts on behalf of other class members in directing the litigation. I amwilling to
serveas aclass representative either individually or aspart of agroup.
10. I understand that as a class representative, I have a fiduciary
responsibility to the absent class members to oversee the litigation and ensure that
counsel for plaintiffs prosecute the case vigorously and in the interest of all class
members equally.
11. I understand that the other proposed class representatives are
Benjamin Padnos andEric Klement.
12. I will continue to communicate with the Rosen Law Firmabout the
status of the litigation, case strategies, settlement negotiations, and other matters
pertinent to overseeing the litigation.
13. Throughout the course of this litigation, I have independently
monitored news about SkyPeople through internet financial sites. Even prior to
my involvement inthis action, I monitored SkyPeople news releases and its stock
price. I will continue independently to monitor SkyPeople developments through
news and internet sources, independent of any information that I may receive or
demand fromcounsel.
14. I understand that, as a class representative, my duties may include
consulting with plaintiffs' counsel on proposed strategies and tactics during the
course of the litigation, making recommendations as to whether or not to accept a
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 72 of 111
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 73 of 111
particular settlement offer, andtestifying at deposition and trial. I accept and will
diligently performall such duties.
I declare under penalty of perjury under the laws of the United States of
America that the foregoing istrue and correct.
Executed this~iday of J une, 2013
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 74 of 111
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 75 of 111
EXHIBIT 3
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 76 of 111
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 77 of 111
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 78 of 111
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 79 of 111
EXHIBIT 4
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 80 of 111
DECLARATION OF BENJAMIN PADNOS
I, Benjamin Padnos, declare, under penalty of perjury as follows:
1. I submit this declaration in support of my motion for Class
Certification and for my appointment as one of the Class Representatives.
2. I have read the initial complaint, and read and authorized the filing of
the Consolidated Amended Complaint (the Complaint) that was filed against
defendants SkyPeople Fruit J uice, Inc., (SkyPeople), Yongke Xue, Hongke
Xue, Xiaoqin Yan, Spring Liu, Norman Ko, Guolin Wang, (together with
SkyPeople, the Defendants), bankrupt defendant Rodman & Renshaw, LLC
(Rodman) and former defendants BDO Limited, and Child, Van Wagoner &
Bradshaw, PLLC. I believe the action to be meritorious. I have also participated
in discovery and have had my deposition taken by Defendants.
3. I am aware that the Complaint alleges, among other things, that
Defendants violated Sections 11 and 15 of the Securities Act of 1933 (the
Securities Act) by making false statements in a registration statement (the
Registration Statement) for an offering in which I bought shares on August 30,
2010. The Complaint alleges that the SkyPeople Defendants omitted to disclose a
related party transaction whose omission made SkyPeoples financial statements
false and misleading. The related party transaction at issue in the Complaint is
SkyPeoples acquisition of Yingkou Trusty Fruits Co., Ltd. (Yingkou) for about
$3.3 million in a transaction that closed in November 2009. The Registration
Statement incorporated SkyPeoples 2008 and 2009 financial statements, and the
Complaint alleges that SkyPeoples 2008 financial statement overstated its
revenues by at least 290%, and that for fiscal year 2009, SkyPeople overstated its
revenues by over 1,000%.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 81 of 111
4. I am aware that a class action lawsuit, like this one, is brought on
behalf of not only myself but other shareholders that have been wronged in the
same way by Defendants.
5. I understand that I represent a class of all persons who bought shares
pursuant or traceable to the Registration Statement.
6. I understand that in September 2012, the Court denied Defendants
motions to dismiss. Thus, the case has moved into discovery.
7. I have communicated with counsel throughout the course of this
action.
8. I understand that a class representative is a representative party who
acts on behalf of other class members in directing the litigation. I am willing to
serve as a class representative either individually or as part of a group.
9. I understand that as a class representative, I have a fiduciary
responsibility to the absent class members to oversee the litigation and ensure that
counsel for plaintiffs prosecute the case vigorously and in the interest of all class
members equally.
10. I understand that the other proposed class representatives are Zachary
Lewy and Eric Klement.
11. I will continue to communicate with Federman & Sherwood and the
Rosen Law Firm about the status of the litigation, case strategies, settlement
negotiations, and other matters pertinent to overseeing the litigation.
12. Throughout the course of this litigation, I have independently
monitored news about SkyPeople through internet financial sites. Even prior to
my involvement in this action, I monitored SkyPeople news releases and its stock
price. I will continue to monitor independently SkyPeople developments through
news and internet sources, independent of any information that I may receive or
demand from counsel.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 82 of 111
13. I understand that, as a class representative, my duties may include
consulting with plaintiffs counsel on proposed strategies and tactics during the
course of the litigation, making recommendations as to whether or not to accept a
particular settlement offer, and testifying at deposition and trial. I accept and will
diligently perform all such duties. I have already testified at a deposition in the
beginning of J une 2013
I declare under penalty of perjury under the laws of the United States of
America that the foregoing is true and correct.
Executed this ___ day of J une, 2013
BENJAMIN PADNOS
3
28
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 83 of 111
EXHIBIT 5
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 84 of 111
Case 1:11-cv-02700-PKC Document 15-2 Filed 06/20/11 Page 2 of 9 Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 85 of 111
Case 1:11-cv-02700-PKC Document 15-2 Filed 06/20/11 Page of 9 Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 86 of 111
Case 1:11-cv-02700-PKC Document 15-2 Filed 06/20/11 Page of 9 Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 87 of 111
Case 1:11-cv-02700-PKC Document 15-2 Filed 06/20/11 Page 5 of 9 Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 88 of 111
Case 1:11-cv-02700-PKC Document 15-2 Filed 06/20/11 Page 6 of 9 Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 89 of 111
Case 1:11-cv-02700-PKC Document 12-1 Filed 06/20/11 Page 2 of 2 Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 90 of 111
EXHIBIT 6
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 91 of 111
ROSEN LAW FIRM BIOGRAPHY 1
THE ROSEN LAW FIRM P.A.
BIOGRAPHY
I. ATTORNEYS
LAURENCE ROSEN - MANAGING ATTORNEY
Laurence Rosen is a 1988 graduate of New York University School of Law. He earned
an M.B.A. in finance and accounting at the University of Chicago Graduate School of Business
and a B.A. in Economics from Emory University. Mr. Rosen served as a law clerk to the
Honorable Stanley S. Brotman, Senior United States District J udge for the District of New
J ersey. Mr. Rosen entered private practice as an associate at the law firm of Skadden Arps Slate
Meagher & Flom in New York City where he participated in a number of complex securities
class action and derivative litigation matters. He later served as an associate at McCarter &
English in Newark, New J ersey where he specialized in securities and business litigation.
After practicing general securities and commercial litigation in New York City with
Solton Rosen & Balakhovsky LLP, Mr. Rosen founded The Rosen Law Firm to represent
investors exclusively in securities class actions and derivative litigation. Mr. Rosen is admitted
to practice law in New York, California, Florida, New J ersey and the District of Columbia. Mr.
Rosen is also admitted to practice before numerous United States District Courts throughout the
country and the United States Court of Appeals for the Second, Fourth, and Sixth Circuits.
PHILLIP KIM ATTORNEY
Mr. Kim graduated from Villanova University School of Law in 2002. He received a
B.A. in Economics from The J ohns Hopkins University in Baltimore, Maryland in 1999. Prior to
joining The Rosen Law Firm, Mr. Kim served as Assistant Corporation Counsel for the City of
New York in the Special Federal Litigation Division. In that position, Mr. Kim defended a
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 92 of 111
ROSEN LAW FIRM BIOGRAPHY 2
number of class action lawsuits, litigated numerous individual actions, and participated in more
than seven trials. Mr. Kim focuses his practice on securities class actions and shareholder
derivative litigation. Mr. Kim is admitted to the bar of the State of New York and admitted to
practice in the United States District Courts for the Southern District of New York, the Eastern
District of New York and the District of Colorado, and the United States Court of Appeals for
the Second Circuit.
TIMOTHY W. BROWN ATTORNEY
In 2004 Mr. Brown graduated from the University of Chicago School of Law at which he
was a recipient of a merit scholarship. Mr. Brown received his B.A. in Business Economics,
magna cum laude, from Brown University in 2001. Mr. Brown specializes in securities class
actions and shareholder derivative litigation. Mr. Brown is admitted to the bar of the State of
New York and admitted to practice in the United States District Court for the Southern District
of New York. Mr. Brown was previously employed by UBS, AG.
SARA FUKS ATTORNEY
Ms. Fuks graduated from Fordham University School of Law, cum laude, in February
2005, where she was a member of Fordham Law Review. She received her B.A. in Political
Science, magna cum laude, from New York University in 2001. Ms. Fuks began her practice at
Dewey Ballantine, LLP where she focused on general commercial litigation and then went on to
prosecute numerous ERISA and securities class actions as an associate at Milberg LLP. Ms.
Fuks is admitted to the bar of the State of New York and admitted to practice in the United States
Southern and Eastern District Courts of New York.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 93 of 111
ROSEN LAW FIRM BIOGRAPHY 3
JONATHAN HORNE- ATTORNEY
Mr. Horne is a 2009 graduate of New York University School of Law, where he received
the Lederman/Milbank Law, Economics, and Business fellowship, and holds a B.A. in
Economics & Philosophy from the University of Toronto. Mr. Horne began his practice at Kaye
Scholer Fierman Hays & Handler LLP, where he participated in two federal trials. Mr. Horne
specializes in securities litigation. He is admitted to practice in New York and numerous federal
district courts.
YU SHI ATTORNEY
Mr. Shi received his J .D. from Columbia University School of Law in 2011 and his B.A.,
cum laude, from Columbia University in 2008. Prior to joining The Rosen Law Firm, Mr. Shi
served as a Special Assistant Corporation Counsel in the New York City Law Departments
Economic Development Division, where he worked on business and commercial transactions
involving the City of New York. Mr. Shi specializes in securities litigation. He is admitted to
practice in the State of New York and the United States District Court for the Southern District
of New York.
KEVIN CHAN
Mr. Chan graduated from Brooklyn Law School in 2012. He received an A.B. in
Psychology from Harvard University in 2007. Prior to joining the Rosen Law Firm, Mr. Chan
gained substantive experience as an intern with the U.S. Securities and Exchange Commission as
part of its Summer Honors Law Program. Mr. Chans admission to practice in New York is
currently pending.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 94 of 111
ROSEN LAW FIRM BIOGRAPHY 4
CHRISTOPHER S. HINTON OF COUNSEL
Mr. Hinton is admitted to the bars of the State of New York, the United States District
Court for the Southern District of New York, United States District Court for the Eastern District
of Wisconsin, and the United States District Court for the District of Nebraska. He received a
B.A. degree in Economics and Political Science in 1997, magna cum laude, from Marquette
University, where he was elected to Phi Beta Kappa, and received a J .D. degree, cum laude, from
University of Illinois College of Law at Champaign in 2002. His primary area of practice is
securities and ERISA class action litigation. He co-authored Foreign Investors Serving as Lead
Plaintiffs in U.S.- Based Securities Cases, International Practice Section Newsletter (Association
of Trial Lawyers of America, Washington, D.C.), Winter 2004 and Spring 2005. Mr. Hinton has
been a member of the plaintiffs bar since 2003 and has focused on class action litigation.
II. RECENT ACCOMPLISHMENTS OF THE ROSEN LAWFIRMPA
In re Textainer Financial Servs. Corp., No. CGC 05-440303. The Rosen Law Firm was
Co-Lead Counsel in this class action in the California Superior Court, San Francisco County
alleging breach of fiduciary duty in connection with the sale of the assets of six related publicly
traded limited partnerships. After winning the first phase of a multi-phase bench trial, Plaintiffs
obtained a $10 million cash settlement for class members.
Friedman v. Quest Energy Partners LP, et al., Case No. CIV-08-936-M. The Rosen Law
Firm was sole Lead Counsel on behalf of purchasers of Quest Resource Corporations securities
in this consolidated class action filed in the U.S. District Court for the Western District of
Oklahoma. The complaint alleged violations of 10b and 20(a) of the Securities Exchange Act
arising out of the Companys issuance of materially false and misleading statements in
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 95 of 111
ROSEN LAW FIRM BIOGRAPHY 5
connection with the Companys former CEO and CFO misappropriating nearly $10 million. All
classes and parties to this litigation settled this action for $10.1 million in cash.
Hufnagle v. RINO International Corporation, No. CV 10-8695-VBF (VBKx). The Rosen
Law Firm is currently serving as sole Lead Counsel in this consolidated class action pending in
the U.S. District Court for the Central District of California. The complaint alleges violations of
10b and 20(a) of the Securities Exchange Act arising out of the Companys issuance of
materially false and misleading statements of revenue and earnings. The parties agreed to a
partial settlement for $7 million in cash. The case is ongoing against RINOs auditor.
In re Natures Sunshine Products, Inc. Securities Litigation, Case No. 2:06-cv-00267-TS-
SA. The Rosen Law Firm was sole Lead Class Counsel in this class action in the U.S. District
Court for the District of Utah. The complaint alleged violations of 10b and 20(a) of the
Securities Exchange Act arising out of the Companys materially false and misleading statements
concerning its financial statements and business practices. Following the certification of the
class and extensive discovery, Plaintiffs agreed to settle this case for $6 million in cash.
Bensley v. FalconStor Software, Inc., No. 10-CV-4672 (ERK) (CLP). The Rosen Law
Firm is currently serving as sole Lead Counsel in this consolidated class action pending in the
U.S. District Court for the Eastern District of New York. The complaint alleges violations of
10b and 20(a) of the Securities Exchange Act arising out of the Companys issuance of
materially false and misleading statements about the Companys true financial and business
condition. The parties have preliminarily agreed to settle this action for $5 million in cash,
subject to Court approval.
In re Entropin, Inc. Securities Litigation, Case No. CV 04-6180-RC. The Rosen Law
Firm was counsel to Plaintiff in this securities class action in the United States District Court for
the Central District of California, and Lead Counsel in the related class action brought in
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 96 of 111
ROSEN LAW FIRM BIOGRAPHY 6
California state court against Entropin, Inc., a defunct pharmaceutical company. These actions
alleged violations of 10b and 20(a) of the Securities Exchange Act and violations various
state securities laws arising out of allegedly false and misleading statements about the
Companys lead drug candidate Esterom, respectively. On the eve of trial, Defendants agreed to
settle these cases for a $4.5 million cash payment to class members.
Stanger v. China Electric Motor, Inc., Case no. CV 11-2794-R (AGRx). The Rosen Law
Firm is currently serving as sole Lead Counsel in this class action pending in the U.S. District
Court for the Central District of California. The complaint alleges violations of 11, 12(a)(2),
and 15 of the Securities Act of 1933 in connection with the Companys $22.5 million initial
public offering. The parties have preliminarily agreed to settle this action for $3,778,333.33 in
cash, subject to Court approval.
In re StockerYale, Inc. Securities Litigation, Case No. 1:05-cv-00177. The Rosen Law
Firm served as sole Lead Counsel in this consolidated class action in the U.S. District Court for
the District of New Hampshire. The complaint alleged violations of 10b, 20(a) and 20A of
the Securities Exchange Act arising out of the issuance of allegedly false and misleading press
releases regarding certain contracts the Company claimed to have signed. Plaintiffs settled this
class action for $3.4 million cash payment to class members.
Mallozzi v. Industrial Enterprises of America, Inc., Case No. 07-CV-10321 (GBD). The
Rosen Law Firm was Co-Lead Counsel in this class action in the U.S. District Court for the
Southern District of New York. The complaint alleged violations of 10b and 20(a) of the
Securities Exchange Act arising out of the Companys issuance of materially false and
misleading statements of revenues and earnings. During the pendency of the Companys
bankruptcy, the parties settled this class action for $3.4 million in cash.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 97 of 111
ROSEN LAW FIRM BIOGRAPHY 7
Meruelo Capital Partners 2, LLC et al. v. Wedbush Morgan Securities, Inc., Case no. BC
352498. The Rosen Law Firm was co-counsel to plaintiffs in this action brought in California
Superior Court, Los Angeles County for violations of the California State securities laws against
the securities issuer and broker-dealer in connection with the sale of $2.5 million worth of
securities. On the eve of trial, plaintiffs settled the claims against the issuer for a cash payment
of $1 million. Following an eight day jury trial, Plaintiffs obtained a jury verdict in their favor
and against the underwriter for over $2.2 million (which included prejudgment interest). In sum,
plaintiffs recovered over $3.2 million, which represented 100% of plaintiffs principal
investment of $2.5 million and over $700,000 in prejudgment interest. The verdict was affirmed
by the California 2
nd
District Court of Appeal.
Ray v. TierOne Corporation, Case No. 10CV199. The Rosen Law Firm was sole Lead
Counsel in this class action brought in the U.S. District Court for the District of Nebraska. The
complaint alleged violations of 10b and 20(a) of the Securities Exchange Act arising out of the
Companys issuance of materially false and misleading statements of earnings and the
Companys banking operations and business. The parties settled this action for $3.1 million in
cash.
In re Skilled Healthcare Group, Inc. Securities Litigation, Case No. 2:09-CV-5416-DOC
(RZx). The Rosen Law Firm was Co-Lead Counsel in this class action in the U.S. District Court
for the Central District of California. The complaint alleged violations of the 11, 12(a)(2),
and 15 of the Securities Act of 1933 and 10b and 20(a) of the Securities Exchange Act arising
out of the Companys issuance of materially false and misleading statements of revenue and
earnings. Plaintiffs settled this action for $3 million in cash.
Madden v. Pegasus Communications Corp, Case No. 2:05-cv-0568. The Rosen Law
Firm was sole Lead Counsel in this class action in the U.S. District Court for the Eastern District
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 98 of 111
ROSEN LAW FIRM BIOGRAPHY 8
of Pennsylvania. The action alleged violations of 10b and 20(a) of the Securities Exchange
Act arising out of the issuance of allegedly false and misleading statements concerning the
Companys direct broadcast satellite agreement with DirecTV and the Companys reported
subscriber growth and totals. Plaintiffs settled this action for a $2.95 million cash payment to
class members.
In re TVIA, Inc. Securities Litigation, Case No. C-06-06403-RMW. The Rosen Law
Firm was sole Lead Counsel in this consolidated class action in the U.S. District Court for the
Northern District of California. The complaint alleged violations of 10b, 20(a), 20A of the
Securities Exchange Act arising out of the Companys issuance of materially false and
misleading financial statements by virtue of the Company improper recognition of revenues in
violation of GAAP. Plaintiffs settled this action for a $2.85 million cash payment to class
members.
Zagami v. Natural Health Trends Corp., et al., Case No. 3:06-CV-1654-D. The Rosen
Law Firm served as sole Lead Counsel in this class action in the U.S. District Court for the
Northern District of Texas. The complaint alleged violations of 10b and 20(a) of the Securities
Exchange Act arising out of the Companys issuance of materially false and misleading financial
statements in violation of GAAP. Plaintiffs settled this case for $2.75 million cash payment to
class members.
In re Robert T. Harvey Securities Litigation, Case No. SA CV-04-0876 DOC (PJ Wx).
The Rosen Law Firm served as Co-Lead Counsel in this class action in the U.S. District Court
for the Central District of California and the related California state court class actions. This
action alleged violations of 10b and 20(a) of the Securities Exchange Act arising out of the
sale of partnership interests that corresponded to the securities of Chaparral Network Storage and
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 99 of 111
ROSEN LAW FIRM BIOGRAPHY 9
AirPrime, Inc., n/.k/a Sierra Wireless, Inc. Plaintiffs settled this and the related state court
actions for an aggregate $2.485 million cash payment to class members.
In re China Education Alliance, Inc. Securities Litigation, No. C 10-9239-CAS (J Cx).
The Rosen Law Firm is currently serving as sole Lead Counsel in this consolidated class action
pending in the U.S. District Court for the Central District of California. The complaint alleges
violations of 10b and 20(a) of the Exchange Act arising out of the Companys issuance of
materially false and misleading statements of revenue and earnings. The parties settled this
action for $2.425 million in cash.
In re Fuwei Films Securities Litigation, Case no. 07-CV-9416 (RJ S). The Rosen Law
Firm was sole Lead Counsel in this consolidated class action in the U.S. District Court for the
Southern District of New York. The complaint alleged violations of 11, 12(a)(2), and 15 of
the Securities Act of 1933 in connection with material misrepresentations in the Companys
Registration Statement and Prospectus in connection with the Companys $35 million IPO. The
parties settled this action for $2.15 million cash payment to class members.
Rose v. Deer Consumer Products, Inc., Case No. CV11-3701 DMG (MRWx). The
Rosen Law Firm is currently serving as sole Lead Counsel in this class action pending in the
U.S. District Court of the Central District of California. The complaint alleges violations of
10b and 20(a) of the Securities Exchange Act arising the issuance of false statements
concerning the Companys true financial condition. The parties agreed to a partial settlement for
$2.125 million in cash. The case is ongoing against Deers auditor.
Henning v. Orient Paper, Inc., No. CV 10-5887-VBF (AJ Wx). The Rosen Law Firm is
currently serving as sole Lead Counsel in this class action pending in the U.S. District Court for
the Central District of California. The complaint alleges violations of 10b and 20(a) of the
Securities Exchange Act and certain violations of the Securities Act arising out of the
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 100 of 111
ROSEN LAW FIRM BIOGRAPHY 10
Companys issuance of materially false and misleading statements about the Companys true
financial condition and business prospects. The parties settled this action for $2 million in cash.
Burritt v. Nutracea, Inc., Case No.CV-09-00406-PHX-FJ M. The Rosen Law Firm was
sole Lead Counsel in this consolidated class action in the U.S. District Court for the District of
Arizona. This action alleged violations of 10b and 20(a) of the Securities Exchange Act of
1934 and the Arizona securities laws in connection with the Companys issuance of materially
false and misleading statements of earnings and revenues. During the pendency of the
Companys bankruptcy, Plaintiffs settled this action for $1.5 million in cash and a remainder
interest of 50% of the issuers directors and officers liability insurance policy.
Press v. Delstaff LLC, No. MSC 09-01051. The Rosen Law Firm was sole Lead Counsel
in this class action in the California Superior Court for Contra Costa County, brought in
connection with a going private transaction valued at $1.25/share for the 6.4 million shares
implicated in the transaction. The parties settled this action for $1,642,500 in additional
compensation to shareholders.
In re Northfield Laboratories, Inc. Securities Litigation, Case No. 06 C 1493. The Rosen
Law Firm was sole Lead Counsel in this consolidated class action in the U.S. District Court for
the Northern District of Illinois. The complaint alleged violations of 10b and 20(a) of the
Securities Exchange Act arising out of the Companys materially false and misleading statements
concerning its PolyHeme blood substitute product and business prospects. Following extensive
class discovery and litigation activity in bankruptcy court, the parties agreed to settle this action
for $1.5 million in cash.
In re PartsBase.com, Inc. Securities Litigation, Case No. 01-8319. The Rosen Law Firm
was Co-Lead Counsel in this class action in the U.S. District Court for the Southern District of
Florida. The action arose from a $45.5 million initial public offering of common stock by the
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 101 of 111
ROSEN LAW FIRM BIOGRAPHY 11
defendant issuer and a syndicate of underwriters including Roth Capital Partners and PMG
Capital Corp. Plaintiffs settled this action for $1.5 million cash settlement for class members.
In re Empyrean Bioscience Securities Litigation, Case No. 1:02CV1439. This class
action in which the Rosen Law Firm was sole Lead Counsel was filed in the U.S. District Court
for the Northern District of Ohio. The action alleged violations of 10b and 20(a) of the
Securities Exchange Act based on misrepresentations in defendants SEC filings and press
releases concerning the clinical testing of the Companys GEDA Plus microbicide gel. After the
court denied defendants motion to dismiss the complaint, the parties briefed the issue of whether
the securities were traded in an efficient market. Prior to a decision on market efficiency,
Plaintiffs settled the case for a $1.4 million payment to class members.
In re Himax Technologies, Inc. Securities Litigation, Case No. C 07-4891-DDP. The
Rosen Law Firm served as Co-Lead Counsel in this consolidated class action in the U.S. District
Court for the Central District of California, Western Division. The complaint alleged violations
of 11 and 15 of the Securities Act arising out of the Companys IPO. Plaintiffs agreed to
settle this case for $1.2 million cash payment to class members.
In re Flight Safety Technologies, Inc. Securities Litigation, Case No. 3:04-cv-1175. The
Rosen Law Firm was sole Lead Counsel in this consolidated class action in the U.S. District
Court for the District of Connecticut. The action alleged violations of 10b and 20(a) of the
Securities Exchange Act arising out of the defendants alleged failure to disclose material adverse
information concerning the Companys products under development and misrepresenting the
amount of time it would take to commercialize the products. Plaintiffs settled the case for a $1.2
million cash payment to class members.
In re: M.H. Meyerson & Co. Securities Litigation, Case No. 02-CV-2724. This class
action, in which the Rosen Law Firm was sole Lead Counsel, was filed in U.S. District Court for
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 102 of 111
ROSEN LAW FIRM BIOGRAPHY 12
District of New J ersey. The complaint alleged violations of 10b and 20(a) of the Securities
Exchange Act based on allegedly false and misleading SEC filings related to the planned launch
of an online brokerage business, and other material misrepresentations, which allegedly inflated
the price of Meyerson stock during the class period. Plaintiffs settled the case for a $1.2 million
payment to class members.
In re OPUS360 Corp. Securities Litigation, Case No. 01-Civ-2938. The Rosen Law Firm
was Co-Lead Counsel for this action brought in the Southern District of New York alleging
violations of the federal securities laws arising from a $75.0 million initial public offering of
common stock by the defendant issuer and a syndicate of underwriters including J P Morgan and
Robertson Stephens, Inc. The Court certified the action as a class action and approved a final
settlement.
Ansell v. National Lampoon, Inc., Case No. CV10-9292-PA (AGRx). The Rosen Law
Firm was sole Lead Counsel in this class action in the U.S. District Court for the Central District
of California. The complaint alleged violations of 10b and 20(a) of the Securities Exchange
Act arising out of a market manipulation scheme involving National Lampoons common stock.
The parties agreed to settle this action for $1 million in cash.
Fouladian v. Busybox.com, Inc., Case No. BC 248048. The Rosen Law Firm was Co-
Lead Counsel in this class action brought in California Superior Court, Los Angeles County.
The action arose from a $12.8 million initial public offering of securities by the defendant issuer
and underwriter. California and federal securities laws claims (Cal. Corp. Code 25401 and 11
of 1933 Act) were brought on behalf of a nationwide class of public offering investors. The
Court approved a $1.0 million cash settlement to a nationwide class of investors.
Gianoukas v. Tullio and Riiska, Case No. 02CC18223. The Rosen Law Firm was lead
counsel to a group of twenty-one plaintiffs that brought claims of fraud and negligent
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 103 of 111
ROSEN LAW FIRM BIOGRAPHY 13
misrepresentation in California Superior Court, Orange County against the former Chief
Executive and Chief Financial Officers of a publicly traded software company, NQL Inc. The
complaint alleged that the officers issued a series of false and misleading press releases
concerning the business of NQL for the purpose of inducing the purchase and retention of NQL
securities. Plaintiffs settled the action favorably for a confidential amount.
The BoxLot Company v. InfoSpace, Inc., Case No. GIC 779231. The Rosen Law Firm
was plaintiffs counsel for this action filed in California Superior Court, San Diego County
which arose from the aborted merger agreement and ultimate sale of The BoxLot Companys
assets to InfoSpace. The action alleged violations of California securities laws (Cal. Corp. Code
25400 & 25401) and common laws and sought damages of $92.8 million from InfoSpace and
its CEO, Naveen J ain. The case settled favorably for plaintiffs for a confidential amount.
Teague v. Alternate Energy Holdings, Inc., No. 10-CV-634-BLW. The Rosen Law Firm
was sole Lead Counsel in this class action pending in the U.S. District Court for the District of
Idaho. The complaint alleged violations of 10b and 20(a) of the Securities Exchange Act
arising out of the Companys issuance of materially false and misleading financial statements
and business condition. The parties settled this action for $450,000.
Huttenstine v. Mast, Case No. 4:05-cv-152 F(3). The Rosen Law Firm is currently
serving as sole Lead Counsel in this class action pending in the U.S. District Court for the
Eastern District of North Carolina. The complaint alleges violations of 10b and 20(a) of the
Securities Exchange Act arising out of the Companys material misstatements and omissions
concerning the nature of certain sales contracts it had entered into. Plaintiffs have preliminarily
agreed to settle this action this action for $425,000 cash payment to class members.
Kinzinger v. Paradigm Medical Industries, Inc., Case No. 03-0922608. The Rosen Law
Firm served as sole Lead Counsel in this class action filed in Utah state court alleged violations
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 104 of 111
ROSEN LAW FIRM BIOGRAPHY 14
of the Utah Securities Act against Paradigm Medical arising out of false and misleading
statements made to investors in a $5.0 million private placement of securities. The court
approved a $625,000 settlement on behalf of the private placement purchasers.
III. SECURITIES CLASS ACTIONS IN WHICH THE ROSEN LAWFIRM P.A. IS
CURRENTLY LEAD COUNSEL
Munoz v. China Expert Technology, Inc., Case No. 07-CV-10531 (AKH). The Rosen
Law Firm is currently serving as sole Lead Counsel in this class action pending in the U.S.
District Court for the Southern District of New York. The complaint alleges violations of 10b
and 20(a) of the Securities Exchange Act arising out of: (a) the Companys issuance of
materially false statements of revenues and earnings; and (b) the Companys auditors issuance
of materially false and misleading clean audit opinions. The class has been certified and the
action is in discovery.
Nguyen v. Radient Pharmaceuticals Corporation, Case No. CV11-0405-DOC (MLGx).
The Rosen Law Firm is currently serving as sole Lead Counsel in this class action pending in the
U.S. District Court of the Central District of California. The complaint alleges violations of
10b and 20(a) of the Securities Exchange Act arising out of the issuance of false statements
concerning the Companys clinical trial involving its principal product. The class has been
certified and discovery is closed. Trial is to commence in November 2013.
Katz v. China Century Dragon Media, Inc., Case no. CV 11-02769 J AK (SSx). The
Rosen Law Firm is currently serving as sole Lead Counsel in this class action pending in the
U.S. District Court for the Central District of California. The complaint alleges violations of
11, 12(a)(2), and 15 of the Securities Act of 1933 and 10b and 20(a) of the Securities
Exchange Act arising out the Companys issuance of materially false and misleading financial
statements. The class has been certified and the action is in discovery.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 105 of 111
ROSEN LAW FIRM BIOGRAPHY 15
Snellink v. Gulf Resources, Inc., No.CV11-3722-ODW (MRWx). The Rosen Law Firm
is currently serving as co-Lead Counsel in this class action pending in the U.S. District Court for
the Central District of California. The complaint alleges violations of 10b and 20(a) of the
Securities Exchange Act arising out the Companys failure to disclose the related party nature of
certain transactions, and the Companys issuance of false financial statements. This action is in
discovery.
Zhu v. UCBH Holdings, Inc., No. C 09-4208-J SW. The Rosen Law Firm is currently
serving as sole Lead Counsel in this consolidated class action pending in the U.S. District Court
for the Northern District of California. The complaint alleges violations of 10b and 20(a) of
the Securities Exchange Act arising out of the Companys issuance of materially false and
misleading statements of revenue and earnings, and the Companys banking operations and
business. This action is in discovery.
In re China Intelligent Lighting and Electronics, Inc. Securities Litigation, No. 2:11-CV-
02768 PSG (SSx). The Rosen Law Firm is currently serving as co-Lead Counsel in this
consolidated class action pending in the U.S. District Court for the Central District of California.
The complaint alleges violations of 11, 12(a)(2), and 15 of the Securities Act of 1933 and
10b and 20(a) of the Securities Exchange Act arising out the Companys issuance of
materially false and misleading financial statements. This action is in discovery.
Cheung v. Keyuan Petrochemicals, Inc., No. CV 11-9495-PSG (J CGx). The Rosen Law
firm is currently serving as sole Lead Counsel in this class action pending in the U.S. District
Court for the Central District of California. The complaint alleges violations of 10b and 20(a)
of the Securities Exchange Act of 1934 in connection with the Companys failure to disclose
material related party transactions in periodic reports it filed with the SEC. This action is in
discovery.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 106 of 111
ROSEN LAW FIRM BIOGRAPHY 16
In re Puda Coal Securities Litigation, No. 11-CV-2598 (BSJ )(HBP). The Rosen Law
Firm is currently serving as co-Lead Counsel in this consolidated class action pending in the U.S.
District Court for the Southern District of New York. The complaint alleges violations of the
Exchange Act and Securities Act arising out the Companys issuance of materially false and
misleading financial statements. This action is in discovery.
Kubala v. SkyPeople Fruit J uice, No. 11-CV-2700 (PKC). The Rosen Law Firm is
currently serving as sole Lead Counsel in this consolidated class action pending in the U.S.
District Court for the Southern District of New York. The complaint alleges violations of 10b
and 20(a) of the Securities Exchange Act out of the Companys failure to disclose material
related party transactions that rendered the Companys financial statements false. This action is
in discovery.
Guimetla v. Ambow Education Holding Ltd., No. CV-12-5062-PSG(AJ Wx). The Rosen
Law Firm is currently serving as sole Lead Counsel in this class action pending in the U.S.
District Court of the Central District of California. The complaint alleges violations of the
Securities Exchange Act of 1934 in connection with the Companys issuance of materially false
and misleading financial statement. This action is at pleading stage.
Campton v. Ignite Restaurant Group, Inc., No. 12-CV-2196. The Rosen Law Firm is
currently serving as sole Lead Counsel in this class action pending in the U.S. District Court for
the Southern District of Texas. The complaint alleges violations of the Securities Act of 1933 in
connection with material misrepresentations in the Companys Registration Statement and
Prospectus issued for the companys IPO. This action is at the pleading stage.
Leshinsky v. SmartHeat, Inc., No. 12-CV-6682 (PAE). The Rosen Law Firm is currently
serving as sole Lead Counsel in this class action pending in the U.S. District Court of the
Southern District of New York. The complaint alleges violation of 10b and 20(a) of the
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 107 of 111
ROSEN LAW FIRM BIOGRAPHY 17
Securities Exchange Act out of the Companys failure to disclose insider stock sales. This action
is at the pleading stage.
Snellink v. Universal Travel Group, Inc., Case No.11-CV-2164 (SDW). The Rosen Law
Firm is currently serving as sole Lead Counsel in this class action pending in the U.S. District
Court for the District of New J ersey. The complaint alleges violations of 10b and 20(a) of the
Securities Exchange Act arising the issuance of false statements concerning the Companys true
financial condition. This action is at the pleading stage.
Vandevelde v. China Natural Gas, Inc., Case no. 10-728-SLR. The Rosen Law Firm is
currently serving as sole Lead Counsel in the class action pending in the U.S. District Court for
the District of Delaware. The complaint alleges violations of 10b and 20(a) of the Securities
Exchange Act arising out of the issuance of materially false and misleading financial statements.
This action is at the pleading stage.
In re L&L Energy, Inc. Securities Litigation, No. C11-1423-RSL. The Rosen Law Firm
is currently serving as sole Counsel in this class action pending in the U.S. District Court for the
Western District of Washington. The complaint alleges violations of 10b and 20(a) of the
Securities Exchange Act arising out the Companys issuance of false financial statements. This
action is at the pleading stage.
Yang v. Tibet Pharmaceuticals, Inc., No. 12-54-WAL-GWC. The Rosen Law Firm is
currently serving as sole Lead Counsel in this consolidated class action pending in the U.S.
District Court of the Virgin Islands, St. Croix Division. The complaint alleges violations of the
Securities Act of 1933 in connection with material misrepresentations in the Companys
Registration Statement and Prospectus issued for the Companys public offering of common
stock. The action is at the pleading stage.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 108 of 111
ROSEN LAW FIRM BIOGRAPHY 18
Luo v. Qiao Xing Universal Resources, Inc., No. 12-45-WAL-GWC. The Rosen Law
Firm is currently serving as sole Lead Counsel in this consolidated class action pending in the
U.S. District Court of the Virgin Islands, St. Croix Division. The complaint alleges violations of
the Exchange Act in connection with the Companys issuance of materially false and misleading
financial statements. The action is at the pleading stage.
Howard v. Chanticleer Holdings, Inc.., No. 12-CV-81123-J IC. The Rosen Law Firm is
currently serving as sole Lead Counsel in this class action pending in the U.S. District Court for
the Southern District of Florida. The complaint alleges violations of the Securities Act of 1933
in connection with material misrepresentations in the Companys Registration Statement and
Prospectus issued for the Companys public offering of common stock and warrants. The action
is at the pleading stage.
Cole v. Duoyuan Printing, Inc., Case No. 10-CV-7325(GBD). The Rosen Law Firm is
currently serving a Co-Lead Counsel in this class action pending in the U.S. District Court for
the Southern District of New York. The complaint alleges violations of 11, 12(a)(2), and 15
of the Securities Act of 1933 and 10b and 20(a) of the Securities Exchange Act arising out of
the Companys issuance of materially false and misleading statements about the Companys true
financial condition and adequacy of the Companys internal controls. This action is at the
pleading stage.
Blitz v. AgFeed Industries, No. 3:11-0992. The Rosen Law Firm is currently serving as
co-Lead Counsel in this consolidated class action pending in the U.S. District Court for the
Middle District of Tennessee. The complaint alleges violations of 10b and 20(a) of the
Securities Exchange Act arising out the Companys issuance of materially false and misleading
financial statements. This action is at the pleading stage.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 109 of 111
ROSEN LAW FIRM BIOGRAPHY 19
Valentino v. KPMG LLP, No. 8:13CV22. The Rosen Law Firm is currently serving as
sole Lead Counsel in this class action pending in the U.S. District Court for the District of
Nebraska. The complaint alleges violations of 10b and 20(a) of the Securities Exchange Act
against TierOne Corporations former independent auditor, KPMG. This action is at the
pleading stage.
Masterson v. Commonwealth Bankshares, No. 13-62-MSD-DEM. The Rosen Law Firm
is currently serving as sole Lead Counsel in this class action pending the U.S. District Court for
the Eastern District of Virginia. The complaint alleges violations of 10b and 20(a) of the
Securities Exchange Act arising out the Banks issuance of materially false and misleading
statements about its loan portfolio. This action is at the pleading stage.
In re ChinaCast Education Corporation Sec. Litig., No. CV 12-4621- J FW (PLAx). The
Rosen Law Firm is currently serving as co-Lead Counsel in this consolidated class action
currently on appeal with the U.S. Court of Appeals or the Ninth Circuit. The complaint alleges
violations of 10b and 20(a) of the Securities Exchange Act arising out the Company
overstating it assets and cash balances and misstating the Companys internal controls.
Petrie v. Electronic Game Card, Inc., No. SACV 10-0252-DOC (RNBx). The Rosen
Law Firm is currently serving as sole Lead Counsel in this consolidated class action currently on
appeal with the U.S. Court of Appeals for the Ninth Circuit. The complaint alleges violations of
10b and 20(a) of the Securities Exchange Act arising out of the Companys issuance of
materially false and misleading financial statements in violation of Generally Accepted
Accounting Principles and the Companys publicly stated internal policies.
Wolfe v. AspenBio Pharma, Inc., No. 11 CV 165-REB-KMT. The Rosen Law Firm is
currently serving as sole Lead Counsel in this class action currently on appeal with the U.S.
Court of Appeals for the Tenth Circuit. The complaint alleges violations 10b and 20(a) of the
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 110 of 111
ROSEN LAW FIRM BIOGRAPHY 20
Securities Exchange Act arising out the Companys misstatements and omissions concerning the
effectiveness of its main product AppyScore.
Case 1:11-cv-02700-PKC Document 118-1 Filed 06/28/13 Page 111 of 111