Rigrodsky & Long, P.A. Announces Class Action Lawsuit Against Longtop Financial Technologies Limited - LFT
Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired the stock of Longtop Financial Technologies Limited (“Longtop” or the “Company”) (NYSE: LFT) between June 29, 2009 and April 25, 2011, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to firstname.lastname@example.org, or via our website: http://www.rigrodskylong.com/news/LongtopFinancialTechnologies.
The Complaint names Longtop, certain of the Company’s current executive officers and directors as defendants. Longtop, together with its subsidiaries, designs, develops, and delivers software solutions and information technology (IT) services to the financial services industry 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 to its shareholders. Beginning April 25, 2011, Citron Research and others issued a series of reports which exposed potential accounting fraud and the nondisclosure of related party transactions at Longtop.On May 23, 2011, Longtop issued a press release wherein it announced that the Company’s registered independent accounting firm, Deloitte Touche Tohmatsu CPA Ltd. (“DTT”), resigned as the Company’s auditor. In its resignation letter, DTT stated that it was resigning as the result of, among other things: (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. DTT further stated that DTT was no longer able to rely on management’s representations in relation to prior period financial reports, that continued reliance should no longer be placed on DTT’s audit reports on the previous financial statements, and DTT declined to be associated with any of the Company’s financial communications in 2010 and 2011.
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