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The Rosen Law Firm Files Class Action Lawsuit Charging Longtop Financial, Inc. With Securities Fraud – LFT

Stocks in this article: LFT

The Rosen Law Firm, P.A. announced today that it has filed a securities fraud class action on behalf investors who purchased the common stock of Longtop Financial, Inc. (NYSE: LFT). The lawsuit charges violations against Longtop Financial and its officers and directors for issuing materially false and misleading financial statements to the investing public between June 29, 2009 and April 25, 2011, inclusive (the “Class Period”).

To join the Longtop class action, visit the firm’s website at http://www.rosenlegal.com, or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email or pkim@rosenlegal.com for information on the class action. 如果您講中文,請致電張律師212-686-1060,或電郵 szhang@rosenlegal.com, 獲取該集體訴訟案件的具體信息. The case filed by the Rosen Law Firm is pending in the U.S. District Court for the Central District of California.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.

The Complaint asserts violations of the federal securities laws against Longtop and its officers and directors for misrepresenting the true financial condition of the Company and failing to disclose material related party transactions during the Class Period. Beginning on April 26, 2011 a series of reports issued by Citron Research and others exposed potential accounting fraud and nondisclosure of related party transactions at Longtop.

On May 17, 2011 a trading halt was instituted on Longtop’s common stock. On May 23, 2011 Longtop issued a press release announcing, among other things, (1) the resignation of its auditor, Deloitte Touche Tohmatsu CPA Ltd. (“DTT”); (2) the resignation of Longtop’s Chief Financial Officers; (3) the initiation of an SEC inquiry; (4) and the initiation of an independent investigation. According to the announcement, DTT was resigning because of “(1) the recently identified falsity of the Company's financial records in relation to cash at bank and loan balances (and possibly in sales revenue); (2) the deliberate interference by certain members of Longtop management in DTT's audit process; and (3) the unlawful detention of DTT's audit files.”

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