The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the common stock of China Valves Technology, Inc. (“China Valves” or the “Company”) (Nasdaq: CVVT- News) during the period from January 12, 2010 through January 13, 2011 (the “Class Period”), seeking to recover damages for violations of federal securities laws.
To join the China Valves class action, visit the firm’s website at
, or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email
for information on the class action. The case is pending in the U.S. District Court for Southern District of New York, as case no. 11 CV 796.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint asserts violations of the Securities Exchange Act against China Valves and its officers and directors for misrepresenting the nature, circumstances, and related party nature of the Company’s acquisitions of Able Delight (Changsha) Valve Co. and Shanghai Pudong Hanwei Valve Co., Ltd. The Complaint asserts that defendants concealed that both acquisitions involved payments to entities or persons that were related to management in violation of generally accepted accounting principles and SEC rules. The Complaint also alleges that Defendants materially overstated the financial condition and business prospects of the acquired companies. When the market learned of this adverse information, the price of China Valves stock dropped damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than April 5, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at
. You may also visit the firm’s website at
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.