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The complaints allege violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. They claim Longwei grossly inflated its November 2012 sales figures for at least two fuel depot storage facilities and failed to disclose a $32 million investment in a tourism business made by Longwei’s subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd.
On January 3, 2013, GEOInvesting.com published a report alleging Longwei inflated its November 2012 sales figures for its fuel depot storage facilities in Shanxi Province.
On this news, Longwei shares fell $1.68 per share or nearly 73%, to close at $0.6244 per share on January 3, 2013. Longwei shares were halted and have not traded since January 3, 2013.
If you purchased Longwei shares during the Class Period you may, no later than March 5, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that directs the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaints in this action were not filed by Milberg.
If you would like to learn more about this potential matter, please fill out the form on the right or contact the following attorney:
Andrei Rado, Esq.
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Milberg LLP has been representing consumers and investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States.
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