Court Dismisses Derivative Claims Against China Automotive Systems

(RTTNews) - China Automotive Systems Inc. (CAAS), power steering components and systems supplier in China, 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's lead attorney on the case, Neal Marder of Winston and Strawn, said,"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."