Ryan & Maniskas, LLP (
) has commenced an investigation into potential securities law violations by certain officers of Longtop Financial Technologies (“Longtop” or the “Company”) (NYSE: LFT). Longtop shareholders who purchased shares of Longtop should contact Richard A. Maniskas, Esquire at 877-316-3218 or at
to learn more about this investigation.
Longtop together with its subsidiaries, designs, develops, and delivers software solutions and information technology (IT) services to the financial services industry in the Peoples Republic of China. The Company engages in the development, licensing, and support of software solutions; and provision of maintenance, support, and other services, as well as system integration services related to the procurement and sale of third party hardware and software. It offers channel-related solutions, which include automated teller machines (ATM), bank tellers, online banking, customer relationship management (CRM), and enterprise customer information facility solutions; and business-related solutions comprising international trade finance, payment and settlement, credit card operations, and intermediary business solutions.
Our investigation concerns possible securities law violations related to the Company’s public statements. On April 26, 2011, analyst Andrew Left issued a report questioning the Company’s claimed extravagant margins. Left stated in his report that based on alleged undisclosed related party transactions and the LFT officers’ undisclosed regulatory violations, the Company’s financials were fraudulently overstated. Following this, the Company, on May 18, 2011, announced that Longtop will not announce fourth quarter and fiscal year 2011 financial results on Monday, May 23, 2011. The Company planned to publish an announcement on the new date of fourth quarter and fiscal year 2011 earnings reporting once the date has been determined. This news caused trading of Longtop shares to be halted.
If you purchased Longtop shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit:
. You may also email Mr. Maniskas at
. For more information about class action cases in general, please visit our website:
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.