Morrow Ni Secures Complete Post-Hearing $8.85 Million Arbitration Victory Against Parties Who Converted 2.5 Million Shares of Public Company Stock

After almost two years of litigation followed by an arbitration and hearing involving multiple witnesses testifying in Chinese and English, an arbitrator today found several defendants jointly and severally liable for $8.855 million for taking and selling our client's public company stock without authorization. As the arbitrator observed, "rarely is something as straightforward as it appears," but, having heard the evidence and having found even the defendants credible, it remains "unequivocal" that defendants "took something of value from Claimant (2.5 million shares) and netted over $8,855,000 in profits and Claimant received nothing of value in return."

This complex matter, concerning layers of transactions in public company stock involving the issuer, Rule 144 opinion counsel, a transfer agent, many brokerages, and other third parties, required extensive discovery from numerous securities-industry intermediaries spread across the globe, as well as the presentation of complex damages evidence. Morrow Ni LLP's intimate knowledge of the "ductwork" beneath the securities markets made this efficient victory possible. The trial team included Angus Ni and Serena Yang.