Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Puda Coal, Inc. to Inquire About the
26 Abril 2011 - 6:49PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Southern District of New York on behalf of purchasers
of the common stock of Puda Coal, Inc. ("Puda" or the "Company")
(NYSE Amex: PUDA) during the period between November 13, 2009 and
April 11, 2011, inclusive (the "Class Period") including investors
who purchased Puda Coal common stock in the Company's December 8,
2010 public offering of common stock.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than June 13, 2011 and be selected by the Court.
The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and
how much of a settlement to accept for the Class in the action. The
lead plaintiff will be selected from among applicants claiming the
largest loss from investment in the Company during the Class
Period. You are not required to have sold your shares to seek
damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the
Securities Act of 1933 and the Securities Exchange Act of 1934 by
virtue of the Company's failure to disclose during the Class Period
material adverse facts about the Company's business, operations,
prospects and performance and the wrongful transfers of ownership
of company assets to its Chairman. According to the complaint,
after, on April 8, 2011, Puda issued a press release announcing
that it was reviewing 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, and after Puda, on
April 11, 2011, announced that it had unanimously ratified the
Audit Committee's decision to launch a full investigation into
these allegations as well as allegations that there were transfers
by Chairman Zhao in subsidiary ownership that were inconsistent
with disclosure made by the Company in its public securities
filings, trading on the AMEX in the Company's shares was
halted.
If you have suffered a net loss for all transactions in Puda
Coal, Inc. common stock during the Class Period, you may obtain
additional information about this lawsuit and your ability to
become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years. If you choose
to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your
choice. You need take no action at this time to be a member of the
class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
Puda Coal (CE) (USOTC:PUDA)
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