Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible violations of federal securities laws by Puda Coal, Inc. (Nasdaq:PUDA) and certain others (collectively, “Defendants”) on behalf of investors who purchased Puda securities between November 13, 2009 and April 11, 2011 (the “Class Period”).
Weiss & Lurie is investigating whether Defendants issued materially false and misleading statements during the Class Period by, among other things, misrepresenting or failing to disclose that Puda’s Chairman, Ming Zhao, made unauthorized transfers of ownership interest in Shanxi Puda Coal Group Co., Ltd. (“SPCG”), Puda’s sole operating subsidiary, to himself and others, thereby leaving Puda and its shareholders with substantially less ownership interest in SPCG than had been previously disclosed and rendering its previously reported financial results unreliable.
On April 11, 2011, Puda shocked investors by announcing that “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.” As a result, Puda stock, which traded as high as of $16.97 per share during the Class Period, was halted on April 11, 2011.
If you purchased Puda securities during the Class Period and suffered losses, or if you have any information that may be relevant to our investigation, please contact Joshua Rubin or Richard A. Acocelli by email at
or by telephone at (888) 593-4771. If you wish to serve as lead plaintiff in a class action lawsuit against Puda, you must file a motion with the Court by
June 13, 2011
. Any class member may move to serve as lead plaintiff, or can choose to do nothing and remain an absent class member.
Weiss & Lurie has litigated hundreds of class and derivative actions and has recovered over a billion dollars for defrauded institutions and individuals in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing, consumer fraud, or anti-trust violations, please email us at
or fill out the form on our website,
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