Jason v. Chen et al
| Joseph M. Jason |
| Junfeng Chen, Fushun Li, Nian Chen, Weihu Yu and New Energy Systems Group |
| Jason Investor Group, Michael Assa and Miguel A. Santana, II |
| Pascal Van Hove GCV and Theodore Behnken |
| 1:2012cv01041 |
| February 10, 2012 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| XX Out of State |
| Lewis A. Kaplan |
| Securities/Commodities/Exchanges |
| 15 U.S.C. ยง 78 |
| Plaintiff |
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Filing
49
MEMORANDUM OPINION re: 33 MOTION to Dismiss Consolidated Class Action Complaint. filed by New Energy Systems Group, Junfeng Chen, Weihu Yu. The requirement to plead and prove loss causation exists because "private securities fraud actions are available, not to provide investors with broad insurance against market losses, but to protect them against those economic losses that misrepresentations actually cause." As drafted,the Complaint simply yokes the late 2011 drop in New Energys stock price to allegations of earlier malfeasance. But loss causation cannot be alleged plausibly in so conclusory a fashion. Accordingly, defendants motion to dismiss the Complaint is granted. (Signed by Judge Lewis A. Kaplan on 9/30/2014) (kgo)
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