|Company:||China Integrated Energy, Inc|
|Class Period:||Mar-30-10 to Mar-16-11|
|Lead Plaintiff Deadline:||May-25-11|
|Court:||Central District of California.|
According to the Complaint, China Integrated issued materially false and misleading financial statements to investors because it concealed related-party transactions. On March 16, 2011, analyst firm Sinclair Upton Research issued a report alleging that China Integrated concealed a host of transactions between the Company and its officers and directors that had the effect of funneling cash to these officers and directors. In addition, citing Chinese SAIC filings, the report stated that China Integrated misrepresented its financial performance, business prospects, and financial condition to investors. These adverse disclosures caused China Integrated' stock price to drop, damaging investors.
On March 23, 2011, the Company issued a rebuttal, in which it denied most of Sinclair Upton' allegations, but conceded that it had engaged in an undisclosed related party transaction with the CEO' 22 year old son. After the Company' rebuttal, the stock price fell once again, damaging investors.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.