Kaplan Fox Files Securities Class Action on Behalf of Purchasers of Puda Coal, Inc. Common Stock During the Period September 15,
19 Abril 2011 - 7:00PM
Marketwired
Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a
class action suit against Puda Coal, Inc. ("Puda Coal" or the
"Company") (NYSE Amex: PUDA) that alleges violations of the
Securities Exchange Act of 1934 and the Securities Act of 1933 on
behalf of purchasers of Puda Coal common stock during the period
September 15, 2009 through April 8, 2011, inclusive, including
investors who purchased Puda Coal common stock in the Company's
December 8, 2010 public offering of common stock (the "Class").
The case is pending in the United States District Court for the
Southern District of New York. A copy of the complaint may be
obtained from Kaplan Fox or the Court.
The Complaint alleges that, throughout the Class Period,
Defendants made materially false and misleading statements to
investors by misrepresenting and failing to disclose that: (1) Puda
Coal's ownership interest in certain key Company assets, most
notably the Company's key operating subsidiary, Shanxi Coal, had
been wrongfully transferred to defendant Zhao, (2) as a result of
the wrongful transfer of Puda Coal's ownership interest in Shanxi
Coal, its core operating subsidiary, Puda Coal's assets and
corresponding value was materially diminished, (3) Puda Coal's
operating results and financial condition were materially
misstated, (4) the Company had material deficiencies in its
internal controls over its financial reporting, (5) the Company's
financial statements were materially false and misleading and not
presented in accordance with generally accepted accounting
principles ("GAAP"), and (6) Defendants had no reasonable basis for
their positive statements about Puda Coal's business and financial
results.
The Complaint alleges that on April 8, 2011, Puda Coal did not
deny certain publicly circulated allegations about the Company, but
responded in a press release that stated, in part, that the Company
was "currently reviewing the allegations regarding improper share
transactions by the Company's Chairman, Mr. Ming Zhao." On April 8,
2011 shares of Puda Coal declined by $3.10 per share, more than
34%, to close at $6 per share on heavier than usual volume.
The Complaint further alleges that on April 11, 2011, before the
market opened, Puda Coal issued a press release announcing the
commencement of an investigation into "the allegations raised in a
recent article alleging various unauthorized transactions in the
shares of a subsidiary company, Shanxi Coal," admitting that it had
already found evidence of transfers by Defendant Zhao inconsistent
with its public securities filings, and indicating that Defendant
Zhao was taking a leave of absence immediately as Chairman of the
Board of the Company. The Complaint further alleges that since the
April 11, 2011 disclosure, Puda Coal's stock continues to be halted
by the New York Stock Exchange rendering it effectively worthless
to its shareholders who are unable to sell the Company's stock.
If you are a member of the proposed Class, you may move the
court no later than June 13, 2011 to serve as a lead plaintiff for
the Class. You need not seek to become a lead plaintiff in order to
share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class and is
represented by Kaplan Fox & Kilsheimer LLP. Our firm, with
offices in New York, San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor class
actions and actions involving financial fraud. For more information
about Kaplan Fox & Kilsheimer LLP, or to review a copy of the
complaint filed in this action, you may visit our website at
www.kaplanfox.com.
If you have any questions about this Notice, the action, your
rights, or your interests, please contact: Pamela A. Mayer KAPLAN
FOX & KILSHEIMER LLP 850 Third Avenue, 14th Floor New York, New
York 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail
address: pmayer@kaplanfox.com Laurence D. King KAPLAN FOX &
KILSHEIMER LLP 350 Sansome Street, Suite 400 San Francisco,
California 94104 (415) 772-4700 Fax: (415) 772-4707 E-mail address:
lking@kaplanfox.com
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