WUHAN, China, Sept. 11, 2013 /PRNewswire-FirstCall/ -- China Automotive Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS), a leading power steering components and systems supplier in China, today announced that, on August 30, 2013, the Court of Chancery of the State of Delaware dismissed each of the shareholder plaintiffs' derivative claims with prejudice and without leave to amend, in a suit against the Company and its board of directors.
The Company is being represented by the international law firm of Winston & Strawn LLP. The Company's lead attorney on the case, Neal Marder of Winston and Strawn, commented that, "this court's decision fully vindicated the Company, its board and audit committee by determining that the plaintiffs in the case failed to properly state any claim for violation of any fiduciary duties."
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 ten 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 North America. For more information, please visit: http://www.caasauto.com.
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 the Company's estimates and assumptions only as of the date of this press release. The Company's actual results may differ materially from the results described in or anticipated by these forward-looking statements due to certain risks and uncertainties, including those described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 27, 2013, and in documents subsequently filed by the Company from time to time. The Company expressly disclaims 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 more information, please contact:
Chief Financial Officer
China Automotive Systems, Inc.
SOURCE China Automotive Systems, Inc.
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