Ryan & Maniskas, LLP (
) announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of purchasers of the securities of China North East Petroleum Holdings Limited (AMEX: NEP) ("China North" or the "Company"), who purchased or otherwise acquired China North securities between August 14, 2009 and May 26, 2010, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
The complaint, seeking to pursue remedies under the Securities Exchange Act of 1934, alleges that China North issued false and misleading statements. Specifically, on May 27, 2010, China North announced that in 2009, a Company officer and a Company director had engineered significant improper cash transfers between bank accounts of the Company and their personal accounts. The Company also disclosed that its Chief Executive Officer was placed on administrative leave and that he had stepped down as Chairman of the Board, both pending the outcome of the Company's forensic audit. Additionally, China North’s Chief Financial Officer and a director had resigned. As a result of this, China North investors have suffered significant losses.
If you are a member of the class, you may, no later than August 10, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.