Milberg LLP Files Class Action Lawsuit Against Puda Coal, Inc. (PUDA)
25 Abril 2011 - 1:47PM
Marketwired
Milberg LLP today announced that on April 21, 2011, the firm filed
a class action lawsuit on behalf of investors who purchased the
securities of Puda Coal, Inc. ("Puda" or the "Company") (NYSE Amex:
PUDA) during the period November 13, 2009, to April 11, 2011,
inclusive (the "Class Period").
The case, Burquist v. Puda Coal Inc., No. CV11-03412, is pending
in the United States District Court for the Central District of
California and alleges violations of the Securities Exchange Act of
1934 by Puda and certain of the Company's officers.
Puda is a supplier of premium high grade cleaned coking coal
used to produce coke for steel manufacturing in the People's
Republic of China (the "PRC" or "China"). The Company is
incorporated in Delaware and headquartered in Taiyuan, Shanxi
Province, China.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements to
investors by failing to disclose that the Company's Chairman, Ming
Zhao, had transferred ownership of Puda's operating entity, Shanxi
Puda Coal Group Co., Ltd. ("Shanxi Coal"), to himself, thereby
rendering Puda an empty shell company.
On April 8, 2011, Alfred Little, an investor who researches and
blogs about Chinese companies, exposed the transfer of Shanxi Coal
to Ming Zhao. In reaction to this news, shares of Puda's stock fell
$3.10 per share, or over 34 percent, to close at $6.00 per share,
on extremely heavy trading volume. On the next trading day, April
11, 2011, the Company issued a press release stating that,
"[a]lthough the investigation is in its preliminary stages,
evidence supports 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. Mr. Zhao has
agreed to a voluntarily leave of absence as Chairman of the Board
of the Company until the investigation is complete." In response to
this announcement, the NYSE halted trading in the Company's stock
on April 11, 2011.
If you purchased securities of Puda from November 13, 2009, to
April 11, 2011, you may move the court no later than June 13, 2011,
and request that the Court appoint you as lead plaintiff. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. To be appointed lead
plaintiff, the Court must decide that you have the largest
financial interest of any competing movant and that your claims are
typical of the claims of other class members, and that you will
adequately represent the class. Your share in any recovery will not
be enhanced or diminished by the decision whether or not to serve
as a lead plaintiff. If there is a recovery in this action and you
are part of the class, you can recover as an absent class member
without moving for lead plaintiff or otherwise taking an active
role in the litigation. You may retain Milberg LLP, or other
attorneys, to serve as your counsel in this action, but do not need
to retain counsel to participate in any recovery as an absent class
member.
About Milberg Milberg LLP is widely
recognized as the premier class action and complex litigation firm,
representing individual and institutional investors, pension funds,
hedge funds, unions, and consumers. Founded in 1965, Milberg has
offices in New York, Los Angeles, Tampa, and Detroit. The Firm has
taken the lead in landmark cases that have set groundbreaking legal
precedents and prompted changes in corporate governance benefiting
shareholders in North America and abroad. Please visit the Milberg
website (www.milberg.com) for more information about the Firm.
If you wish to discuss this matter with us, please contact the
following attorneys:
Andrei Rado, Esq. Milberg LLP One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165 Phone number: (800) 320-5081 Email:
arado@milberg.com Jeff Westerman, Esq. Milberg LLP 300 South Grand
Avenue, Suite 3900 Los Angeles, CA 90071 Phone number: (800)
320-5081 Email: contactus@milberg.com Attorney Advertising. Prior
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