Exceed Company Ltd., the owner and operator of China's Xidelong sportswear brand has reached settlement ) with D.B. Research LLC, an independent research firm based in Chesapeake, VA, and its principal Michael Joseph Ritinski, in connection with the reports issued by D.B. Research in August 2011 and on March 14, 2012.
Pursuant to the Settlement Agreement, D.B. Research has agreed to remove the reports from its website and undertake its best efforts to remove said reports from third-party websites. D.B. Research has further agreed to relinquish any positions it has relative to Exceed and that it will not assist others in the future in taking short positions in the company's stock. As a condition of settlement, neither D.B. Research nor Ritinski admit to any liability or wrongdoing.
“The company is pleased with the terms of settlement with D.B. Research and Mr. Ritinski, and believes that settlement of the matter was in the best interest of the company and its shareholders at this juncture,” said Shuipan Lin, Exceed's founder, chairman and CEO. “Exceed has and continues to maintain the highest degree of transparency and disclosure with regards to all aspects of its financial reporting and corporate communications, and is intent on protecting its shareholders from any further damage inflicted by short sellers who stand to benefit financially by a decline in the Company's share price.”
Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, Xidelong, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in the second and third-tier cities in China. Exceed has three principal categories of products:
- footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear,
- apparel, which comprises sports tops, pants, jackets, track suits and coats, and
- accessories, which comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on NASDAQ under the symbol “EDS”.
