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In re Lihua International, Inc. Shareholder Derivative Action

Case No. 14-cv-03543-RAU.S. District Court, Southern District of New York
Lihua International is a Chinese-based company specializing in producing refined copper products, which became listed on the NASDAQ as a result of a reverse merger in 2008. In 2014, it was revealed that Lihua’s former CEO and former COO had participated in a massive fraud against the company, taking out nearly $180M in unauthorized loans in the company’s name that they diverted for personal purposes, and transferring $57M of Lihua’s assets to another company that they controlled. Lihua and its subsidiaries were subsequently declared insolvent, it was delisted from NASDAQ and its stock became valueless, and its directors and officers resigned. Its board now consists of two directors who work for a Chinese state-owned entity that is now Lihua’s majority shareholder. The Company and its former officers and directors now face a consolidated securities class action, a consolidated shareholder derivative action, and a confidential SEC investigation. We represent the Company, its former Audit Committee, and former CFO Daphne Huang in the securities class action and the derivative action, which have motions to dismiss pending in federal court in the Southern District of New York.

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