China Automotive Systems Inc. (CAAS) announced that, on May 31, 2013, the U.S. District Court for the Southern District of New York declined to certify a class of investors in a securities fraud class action suit against the Company. Due to this denial, depositions in this case have been postponed or canceled, and the case will proceed only on behalf of the individual named plaintiffs and not as a class action, the company said.
The company said it continues to contest the plaintiffs' individual allegations, which the Company believes to be meritless.
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