The Shuman Law Firm today announced 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 Coal” or the “Company”) (AMEX:PUDA) between November 13, 2009 and April 11, 2011, inclusive (the “Class Period”). Puda Coal, through an indirect equity ownership in Shanxi Puda Coal Group Co., Ltd. (“SPCG”), supplies metallurgical coking coal to the industrial sector in the People’s Republic of China.
If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Glenn at firstname.lastname@example.org.
The Complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose, among other things: (1) that the Company’s Chairman, Ming Zhao (“Zhao”), had transferred ownership/shares of SPCG to himself through a series of transactions; (2) that Zhao had sold 49% of SPCG; (3) that, as a result, Puda Coal did not possess the ownership interests in SPCG that the Company claimed to possess; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
The Complaint also alleges that on April 11, 2011, Puda Coal issued a press release announcing that it had found evidence of transfers by Zhao inconsistent with its public securities filings, and that Zhao was taking a leave of absence immediately as Chairman of the Board of the Company.If you purchased Puda Coal common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than June 13, 2011. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
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