Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Yongye International, Inc. (“Yongye” or the “Company”) (Nasdaq: YONG) who purchased between August 11, 2010 and May 11, 2011 (the “Class Period”). The complaint alleges that during the Class Period certain of the Company’s executive officers and directors issued materially false and misleading information regarding the Company’s financial condition and revenue.
Specifically, the complaint alleges that during the Class Period, defendants failed to disclose that the Company’s financial results were inflated and were inconsistent with Yongye’s production capabilities. On May 9, 2011, Yongye issued a press release reporting revenue of $50.2 million and a net income of $8.4 million. The following day, however, research analyst website Seeking Alpha issued an article stating that “the company and its joint-venture partner could not have produced, and therefore sold, the reported plant product tonnages given the company’s stated manufacturing capacity and shipments.” On the news, Yongye’s stock fell to $4.85 per share on May 12, 2011 from $5.19 per share on May 10, 2011.
If you are a member of the class and suffered a loss in Yongye’s stock, you have until July 25, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/yongye-international-yong.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.