By PR Newswire | Article Rating: |
|
April 3, 2014 06:00 AM EDT | Reads: |
164 |

WUHAN, China, April 3, 2014 /PRNewswire-FirstCall/ -- China Automotive Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS), a leading power steering components and systems supplier in China, had on March 28, 2014 entered into a settlement agreement with plaintiffs in a purported securities class action filed on October 25, 2011 in the United States District Court for the Southern District of New York.
The settlement agreement includes a dismissal of all claims by the plaintiffs against the Company and its current and former officers and directors, with no admission of any wrongdoing or liability. The settlement is not material to the Company's consolidated financial statements.
About China Automotive Systems, Inc.
Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 4.0 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler N.A. in North America. For more information, please visit: http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 31, 2014, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: [email protected]
Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: [email protected]
SOURCE China Automotive Systems, Inc.
Published April 3, 2014 Reads 164
Copyright © 2014 SYS-CON Media, Inc. — All Rights Reserved.
Syndicated stories and blog feeds, all rights reserved by the author.
More Stories By PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Apr. 26, 2018 03:00 AM EDT Reads: 3,241 |
By Elizabeth White ![]() Apr. 26, 2018 02:45 AM EDT Reads: 7,060 |
By Pat Romanski ![]() Apr. 26, 2018 02:00 AM EDT Reads: 4,552 |
By Pat Romanski ![]() Apr. 26, 2018 01:45 AM EDT Reads: 16,324 |
By Liz McMillan ![]() Apr. 26, 2018 01:15 AM EDT Reads: 5,094 |
By Elizabeth White ![]() Apr. 26, 2018 01:00 AM EDT Reads: 7,673 |
By Elizabeth White ![]() Apr. 26, 2018 12:45 AM EDT Reads: 4,829 |
By Elizabeth White ![]() Apr. 26, 2018 12:15 AM EDT Reads: 11,236 |
By Pat Romanski ![]() Apr. 25, 2018 11:45 PM EDT Reads: 2,050 |
By Elizabeth White Apr. 25, 2018 11:45 PM EDT Reads: 6,988 |
By Liz McMillan ![]() Apr. 25, 2018 11:00 PM EDT Reads: 3,749 |
By Elizabeth White ![]() Apr. 25, 2018 11:00 PM EDT Reads: 6,542 |
By Yeshim Deniz Apr. 25, 2018 11:00 PM EDT Reads: 2,740 |
By Yeshim Deniz ![]() Apr. 25, 2018 10:00 PM EDT Reads: 6,959 |
By Pat Romanski ![]() Apr. 25, 2018 09:15 PM EDT Reads: 4,259 |