Ninestar Files Lawsuit Seeking $470 Million in Damages

Ninestar Files Lawsuit Seeking $470 Million in Damages

Ninestar has filed a shareholder infringement lawsuit with the Zhuhai Intermediate People’s Court against PAG Asia Capital Lexmark Holding Limited, with Shanghai Shuoda Investment Center listed as a third party, according to a company announcement.

The court formally accepted the case on April 15, 2026. A hearing date has not yet been scheduled.

Ninestar is seeking damages of approximately $470.2 million, alleging that PAG Asia Capital abused its shareholder rights and caused direct economic losses of that amount. The company is also requesting that the defendant cover litigation-related costs.

The dispute relates to a 2016 transaction in which Ninestar, PAG Asia Capital, and Shanghai Shuoda established a joint venture in the Cayman Islands to acquire 100% of Lexmark International. At the time of filing, Ninestar held a 63.59% stake in the joint venture, while PAG Asia Capital and Shanghai Shuoda held 32.02% and 4.39%, respectively.

Ninestar alleges that in June 2023, after the company and certain affiliates were added to an entity list under the Uyghur Forced Labor Prevention Act (UFLPA), operations at Lexmark were significantly affected. According to Ninestar, during this period PAG Asia Capital declined to provide support to Lexmark and instead used its shareholder position to push for a sale of the company at what Ninestar describes as a market low point. Ninestar claims this resulted in losses exceeding $1 billion, of which it is currently seeking partial compensation through this lawsuit.

The case has not yet gone to trial, and the outcome remains uncertain. Ninestar indicated that any financial impact will depend on future court rulings and will be accounted for in accordance with applicable accounting standards.

Related：

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• Ninestar to Change Name to Pantum Technology
• Ninestar Flags FY2025 Loss on Lexmark Disposal
• Ninestar Awarded ISO 45001 Certification for Workplace Health and Safety
• Ninestar Posts Q3 Loss After Lexmark Sale

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