The lawsuit was filed in New York by a coalition of investors who claimed JA made “materially false and misleading statements” about its condition in late 2008 by failing to disclose a “highly speculative” and ultimately disastrous $100m investment it made in a subsidiary of the failed investment bank Lehman Brothers.
In a court filing obtained by Recharge, the investors argue that by not disclosing the investment, JA led them to purchase its American Depository Shares (ADS) at artificially elevated prices.
The
