Asia Electronics Reports Dismissal of Class Action Lawsuit.Business Editors NEW YORK--(BUSINESS WIRE)--April 10, 2000 Asia Electronics Holding Co., Inc., a British Virgin Islands British Virgin Islands A British colony in the eastern Caribbean east of Puerto Rico and the U.S. Virgin Islands. Road Town, on Tortola Island, is the capital. Population: 21,700. Noun 1. corporation (the "company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AEHCF) announced today that on March 6, 2000, United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. District Judge David Edelstein of the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of granted the company's motion to dismiss the class action complaint filed against the company on Oct. 13, 1998. The Court stated that the plaintiffs' amended complaint amended complaint n. what results when the party suing (plaintiff or petitioner) changes the complaint he/she has filed. It must be in writing, and can be done before the complaint is served on any defendant, by agreement between the parties (usually their lawyers), does not allege adequate facts to support the plaintiffs' contentions that the company's initial public offering violated Chinese law Chinese law Law that evolved in China from the earliest times until the 20th century, when Western socialist law (see Soviet law) was introduced. The oldest extant and complete Chinese law code was compiled in AD 653 during the Tang dynasty. and that the company's prospectus failed to disclose the risks associated with the alleged violation. The court's dismissal was with prejudice and the court also denied the plaintiff's request for leave to amend the complaint. This decision follows a decision by Judge Herman Cahn of the Supreme Court, New York County on Jan. 24, 2000 in which Judge Cahn ordered HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Bank to recognize the Oct. 6, 1999 resolution of the new board of directors of the company appointing new authorized signatories. This decision allows the company unfettered access to its corporate bank account for working capital and general corporate purposes. On Oct. 4, 1999, the shareholders of the company approved the replacement of the company's directions with seven new directors. The company also announced that on Feb. 22, 2000, Robert Foster resigned as director of the company effective Feb. 22, 2000. Foster had been a director of the company since October 1999. Asia Electronics Holding Co., Ltd. is a publicly traded holding company whose holdings include majority interests of five Chinese-foreign equity joint ventures located in the Shaanxi and Shangdong provinces of China. The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, developments, development of new products, regulatory approval processes, the impact of competitive products or pricing, unpredictability of patent protection, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission. |
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