Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/puda) 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 the common stock of Puda Coal, Inc. (“Puda” or the “Company”) (AMEX:PUDA) between November 13, 2009 and April 11, 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 firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/puda.
The Complaint alleges that during the Class Period the Company violated federal securities laws by issuing material misrepresentations to the market concerning Puda’s operations and financial condition, thereby artificially inflating the price of the Company’s securities.
On April 8, 2011, Puda issued a press release announcing that it was currently reviewing the allegations regarding improper share transactions by defendant Ming Zhao, which were published in an article entitled “Puda Coal Chairman Secretly Sold Half the Company and Pledged the Other Half to Chinese PE Investors” by a short-seller that same day. In reaction to the short-seller’s article and the Company’s press release, shares of the Company’s stock declined more than 34% on April 8, 2011, on extremely heavy trading volume.On April 11, 2011, Puda announced that it had unanimously ratified the Audit Committee's decision to launch a full investigation into the allegations raised in the short-seller’s article alleging various unauthorized transactions in the shares of a subsidiary company, Shanxi Coal. The April 11, 2011 press release noted 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 [sic] leave of absence as Chairman of the Board of the Company until the investigation is complete.” In response to the above announcement, trading in the Company's stock was halted on April 11, 2011.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV