This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Rigrodsky & Long, P.A. Files Securities Fraud Class Action Lawsuit Against Puda Coal, Inc. - PUDA

The law firm of Rigrodsky & Long, P.A. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the common stock of Puda Coal, Inc. (“Puda” or the “Company”) (NYSE Amex: PUDA) between November 13, 2009 and April 11, 2011, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”) (the “Complaint”) The case is styled as Alan Ginsberg v. Puda Coal, Inc., C.A. No. 1:11-CV-02671 (S.D.N.Y.).

Click here to learn more and view a copy of the Complaint: http://www.rigrodskylong.com/news/PudaCoalInc-PUDA.

The Complaint names Puda and certain of the Company’s current executive officers and directors as defendants. Puda through its indirect equity ownership in Shanxi Puda Coal Group Co., Ltd. (“Shangxi Coal”), supplies metallurgical coking coal to the industrial sector in the People’s Republic of China.

The Complaint alleges that the Company and certain of its officers and directors issued materially false and misleading information in its filings with the United States Securities and Exchange Commission (“SEC”) concerning the Company’s financial condition and internal controls.

On April 8, 2011, a report, entitled “Puda Coal Chairman Sells Half the Company; Pledges the Other Half to Chinese PE Investors,” by Alfred Little was initially posted on Business Insider (the “Report”). As alleged in the Complaint, that report detailed the September 9, 2009, transfer of the Company’s indirect 90% interest in Shanxi Coal to defendant Ming Zhao without apprising the Company’s shareholders, or conducting a shareholder vote. The Report further detailed the subsequent transactions with China International Trust and Investment Company (“CITIC”) which caused the Company to incur massive debt and a greatly diminished equity interest – from 90% to 51% - in Shanxi Coal.

The price of Puda common stock fell more than 34%, from a close of $9.10 per share on April 7, 2011, the day before the issuance of the Report, to a close $6.00 per share on extremely heavy trading volume on April 8, 2011, the day the Report was issued.

1 of 3

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs