|Company:||Longwei Petroleum Investment Holding Limited|
|Class Period:||May-17-10 to Jan-3-13|
|Lead Plaintiff Deadline:||Mar-8-13|
|Court:||Central District of California|
The Complaint asserts violations of the federal securities laws against Longwei and certain if its officers and directors for issuing materially false and misleading financial information. The lawsuit asserts that Longwei: (a) failed to disclose a material related party investment in a tourism business involving CEO Cai; (b) concealed that CEO Cai was a minority owner of Longwei's subsidiaries; (c) Longwei's wholesale fuel sales were vastly exaggerated.
On January 3, 2013, investment analyst Geoinvesting.com published a report revealing these adverse facts and other red-flags of potential fraud, including Longwei's connection to another notorious PRC fraud involving Puda Coal, Inc.—a case where the Rosen Law Firm is currently serving as co-lead counsel for investors. Geoinvesting's public disclosure of fraud at Longwei caused Longwei's stock to fall more than 70% on January 3, 2013. Since the announcement, trading in Longwei stock has been halted.
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.