ChinaCache Secures Dismissal in Shareholder Suit

Skadden obtained the dismissal of a shareholder suit alleging that client ChinaCache International Holdings, Ltd. misled investors about the progress and functionality of its High Performance Cache Cloud project. ChinaCache brought a motion to dismiss, contending that there were no false statements made and, even if a statement was false, it was not made with the requisite knowledge or intent. On January 11, Judge Christina Snyder of the U.S. District Court for the Central District of California agreed, ruling that the plaintiff did not allege "any false, actionable statements by ChinaCache."