SAN FRANCISCO and BEIJING, June 6, 2011 /PRNewswire-Asia/ -- The Crone Law Group (the "Firm" or "CLG"), a corporate, securities and litigation law firm, announced today the dismissal of a consolidated shareholder derivative action against its client, China North East Petroleum Holdings Limited (the "Company" or "NEP") (NYSE Amex: NEP), and certain of its current and former officers and directors, which was pending in the United States District Court for the Southern District of New York.
Led by senior litigation attorney Michael Coffino, CLG's litigation team (including also litigation attorney Jaime Santos and legal assistant Falyn Jackson) has represented NEP in the three consolidated shareholder derivative actions since they were filed in mid-2010 against the Company and several of its directors and officers. After the court consolidated the three actions and plaintiffs filed an amended consolidated complaint, the Firm prepared and filed a motion to dismiss the consolidated action, on which the Court heard oral argument on May 26, 2011. At the hearing, the District Court Judge ordered the dismissal of the consolidated action and the next day, May 27, the Clerk of the Court entered Judgment dismissing the entire action.
CLG is also defending NEP in 3 consolidated securities class action suits in which motions to dismiss have been filed and await ruling.
"We are proud to have the opportunity to act for NEP in these matters. The ruling of the court dismissing the shareholder derivative actions vindicates the contention of our client that the lawsuit was without merit. Disposing of the entire matter is a significant step for the Company and we are honored to have handled the matter for the Company successfully," commented Mark Crone of The Crone Law Group. Mr. Jingfu Li, CEO of China North East Petroleum commented: "We are most pleased to receive word of the court's ruling. The Crone Law Group litigation department has been thorough, relentless and passionate in their efforts to dispose of this matter for the Company and we very much appreciate their loyal and hard work."
About Crone Law Group
The Crone Law Group is a San Francisco, California-based corporate, securities and litigation law firm with additional offices in Beijing, China and Los Angeles, California. The Firm's expertise includes providing legal services for reverse mergers, corporate finance, M&A and U.S. securities law matters as well as business and securities litigation services. CLG has established a robust practice over the past 10 years through its strong understanding of the needs of small public and private companies, creative fee structures and big firm quality service at small firm prices. Additional information can be found at the Company's website www.cronelaw.com.
Mark E. Crone
415 955-8900 (office)
860.202.6845 (cell)
011.86.139.1125.8294 (China cell)
mcrone@cronelaw.com
Linxiao Han
+(86) 10 6561-8959 (office)
+(86) 159 1076 7893 (cell)
lxhan@cronelaw.com