56 Days Left -- Kahn Swick & Foti, LLC and Partner Former Louisiana Attorney General Remind Investors With Large Financial Inter
18 Abril 2011 - 6:19PM
Marketwired
Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former
Attorney General of Louisiana, Charles C. Foti, Jr., remind
investors that only 56 days remain to file lead plaintiff
applications in a securities fraud class action lawsuit against
Puda Coal, Inc. ("Puda" or the "Company") (AMEX: PUDA). The lawsuit
was filed in the United States District Court for the Southern
District of New York on behalf of purchasers of the common stock of
Puda between November 13, 2009 and April 11, 2011, inclusive (the
"Class Period").
What You May Do
If you are a Puda shareholder and would like to discuss your
legal rights and how this case might affect you and your right to
recover for your economic loss, you may, without obligation or cost
to you, e-mail or call KSF Managing Partner, Lewis Kahn
(lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell
phone any time at 504-301-7900. If you wish to serve as a lead
plaintiff in this class action by overseeing lead counsel with the
goal of obtaining a fair and just resolution, you must request this
position by application to the Court by June 13, 2011. Any member
of the putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. KSF encourages both institutional
and individual purchasers of Puda to contact the firm. The ultimate
resolution of any securities class action is strengthened through
the involvement of aggrieved shareholders and lead plaintiffs who
have large financial interests. KSF also encourages anyone with
information regarding Puda's conduct during the period in question
to contact the firm, including whistleblowers, former employees,
shareholders and others.
About the Lawsuit
The complaint charges Puda and certain of its officers and
executives with violations of the Exchange Act. The complaint
alleges that, throughout the Class Period, defendants failed to
disclose material adverse facts about the Company's true financial
condition, business and prospects.
On April 8, 2011, Puda issued a press release announcing that it
was reviewing the allegations regarding improper share transactions
by defendant Ming Zhao, after a report was published alleging that
Puda's chairman had secretly sold half the Company and pledged the
other half to Chinese investors. That day, shares of the Company's
stock declined more than 34%, on extremely heavy trading volume.
Thereafter, on April 11, 2011, Puda announced that it had
unanimously ratified the Audit Committee's decision to launch a
full investigation into these allegations. The April 11, 2011 press
release noted that, evidence supported the allegation that there
were transfers by Mr. Zhao in subsidiary ownership that were
inconsistent with disclosure made by the Company in its public
securities filings. In response to this announcement, that day
trading in Puda stock was halted.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney
General Charles C. Foti, Jr., is a law firm focused on securities
class action and shareholder derivative litigation with offices in
New York and Louisiana. KSF's lawyers have significant experience
litigating complex securities class actions nationwide on behalf of
both institutional and individual shareholders. Recent cases
include In re Virgin Mobile USA IPO Litigation,
2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million
Settlement; In re BigBand Networks, Inc Securities Litigation,
3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million
settlement; In re U.S. Auto Parts Networks, Inc. Securities
Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.), Lead Counsel, $10
million settlement. KSF is also federally court-appointed Co-Lead
Counsel in THE shareholder derivative cases against BP and Bank of
America (Merrill Lynch merger) emanating from their recent
multi-billion dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.
Plaintiff seeks to recover damages on behalf of all purchasers
of the common stock of Puda during the Class Period (the "Class").
The plaintiff is represented by Robbins Geller, which has expertise
in prosecuting investor class actions and extensive experience in
actions involving financial fraud.
Contact: Kahn Swick & Foti, LLC Lewis Kahn Managing Partner
877-515-1850 or after hours via cell phone 504-301-7900
lewis.kahn@ksfcounsel.com 206 Covington St. Madisonville, LA
70447
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