The Rosen Law Firm Files Class Action Lawsuit Against SinoTech Energy Limited
19 Agosto 2011 - 11:53PM
Business Wire
The Rosen Law Firm, P.A. today announced that it has filed a
class action lawsuit on behalf of investors who purchased the
securities of SinoTech Energy Limited (“SinoTech Energy”) (NASDAQ:
CTE) during the period from November 3, 2010 through and including
August 16, 2011, seeking to recover damages for violations of
federal securities laws.
To join the SinoTech Energy class action, visit the firm’s
website at http://rosenlegal.com, or call Phillip Kim, Esq.,
toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com
for information on the class action. 如果您講中文，請致電張律師212-686-1060，或電郵
szhang@rosenlegal.com, 獲取該集體訴訟案�的具體信息. The case filed by the Rosen
Law Firm is pending in the U.S. District Court for Southern
District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN
AN ABSENT CLASS MEMBER.
The Complaint asserts violations of the federal securities laws
against SinoTech Energy, its officers and directors, and
underwriters for issuing materially inaccurate information about
the Company’s financial performance. On August 16, 2011, a report
was issued by the Alfred Little website demonstrating that the
Company’s business was smaller than it had represented to investors
in its SEC filings. Namely, that (a) SinoTech Energy’ five largest
subcontracting customers appear to be shell companies with
unverifiable operations and minimal revenues; (b) SinoTech Energy’s
sole chemical supplier appears to be an empty shell, with little or
no revenues, a deserted office and no signs of production activity;
(c) SinoTech’s audited financial statements filed with Chinese
authorities confirm the Company’s negligible business operations;
and (d) other facts showing that Company’s business operations are
smaller than it represents in SEC filings. Later on August 16,
2011, NASDAQ halted trading in the Company’s stock, pending further
information requested by the exchange. The Complaint alleges that
as a result of these adverse disclosures, investors have been
damaged.
If you wish to serve as lead plaintiff, you must move the Court
no later than October 18, 2011. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation, or to
discuss your rights or interests regarding this class action,
please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free,
at 866-767-3653, or via e-mail at pkim@rosenlegal.com. You may also
visit the firm’s website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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