This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ryan & Maniskas, LLP Announces Class Action Lawsuit Against China Valves Technology, Inc.

Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/cvvt) 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 investors who purchased China Valves Technology, Inc. ("China Valves" or the "Company") (NASDAQ: CVVT) common stock between January 12, 2010 and January 13, 2011, 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 rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/cvvt.

The Complaint alleges 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 Changsha Valve Co. and Shanghai Pudong Hanwei Valve Co., Ltd. During the Class Period, the defendants failed to disclose that both acquisitions involved payments to entities or persons that were related to management in violation of GAAP. As a result of this, the Company’s financial results were materially overstated.

On January 13, 2011, Citron Research published an online report that China Valves may be delisted from NASDAQ as it faces increased regulatory scrutiny over certain buyouts. Specifically, Citron Research stated that he financial results of Changsha Valve, an acquisition China Valves had made in 2010, have been overstated and that the acquisition was an improper related party transaction. On this news, shares of China Valves fell 18.0 percent to close at $7.15 per share on unusually heavy trading volume. By January 14, 2011, shares of China Valves had fallen to 6.87 per share.

If you are a member of the class, you may, no later than April 5, 2011, 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs