Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Keyuan Petrochemicals, Inc. (NASDAQ: KEYP). Keyuan distributes petrochemicals throughout China. Keyuan was formerly known as Keyuan International Group Ltd. and changed its name to Keyuan Petrochemicals, Inc. as a result of a reverse merger with Silver Pearl Enterprises, Inc. on April 23, 2010. The company was founded in 2007, is based in Ningbo, China, and is incorporated in Delaware.

If you invested in Keyuan stock and would like more information about your shareholder rights, please contact Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on our website.

Robbins Umeda LLP's investigation focuses on whether the directors and officers of Keyuan harmed the company by issuing false and misleading statements about the company's financial results. On April 1, 2011, Keyuan announced that it had not completed its 2010 consolidated financial statements by the March 31, 2011 deadline. The company has applied for an extension with the U.S. Securities and Exchange Commission and is required to file the Annual Report by April 15, 2011. The company also announced that "the accounting review conducted to date had identified various concerns" with cash transactions and recorded sales that prompted the company's audit committee to undertake an independent investigation. As a result of the delay in filing and the investigation by the audit committee, Keyuan requested a trading halt from NASDAQ.

Also on April 1, 2011, Keyuan filed a Form 8-K with the SEC stating that its auditors informed the company "that there is a possibility that we may be required to make certain adjustments to certain of our previously issued financial statements, and that such previously issued financial statements may not be relied upon."

Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/keyuan-petrochemicals-inc/

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