Abraham, Fruchter & Twersky, LLP Announces Class Action Lawsuit Against Wonder Auto Technology, Inc.
On February 23, 2011, Wonder Auto Technology, Inc. (“Wonder Auto” or the “Company”) (NASDAQ: WATG) announced that its financial statements for the years ended December 31, 2008 and 2009, as well as the financial statements included in its Quarterly Reports for the quarters ended March 31, June 30, and September 30 during each of the years 2008 and 2009 should no longer be relied upon due to a cutoff error regarding timing of revenue in such periods. As a result, on March 17, 2011, Wonder Auto notified the Securities and Exchange Commission (“SEC”) that it would be unable to timely file its 2010 Annual Report.
On May 6, 2011, the NASDAQ Stock Market (“NASDAQ”) halted trading in Wonder Auto’s common stock. On May 12, 2011, Wonder Auto issued a press release stating that the Audit Committee was investigating certain investment and acquisition transactions.
Trading in Wonder Auto’s stock continues to be halted pending Wonder Auto providing a satisfactory plan of compliance with the NASDAQ listing rules. A class action has been filed in the U.S. District Court for the Southern District of New York alleging claims on behalf of persons who purchased Wonder Auto securities from May 14, 2008 through May 6, 2011 (the “Class Period”) for violations of the federal securities laws.
IF YOU PURCHASED WONDER AUTO COMMON STOCK BETWEEN MAY 14, 2008 THROUGH MAY 6, 2011 AND YOU WISH TO SERVE AS LEAD PLAINTIFF IN THIS ACTION, YOU MUST MOVE THE COURT NO LATER THAN AUGUST 1, 2011. ANY MEMBER OF THE PROPOSED CLASS MAY MOVE THE COURT TO SERVE AS LEAD PLAINTIFF THROUGH COUNSEL OF THEIR CHOICE, OR MAY CHOOSE TO DO NOTHING AND REMAIN A MEMBER OF THE PROPOSED CLASS.If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jack G. Fruchter or Ximena Skovron of Abraham, Fruchter & Twersky, LLP at (212) 279-5050 or toll free at (800) 440-8986, or via e-mail at email@example.com or firstname.lastname@example.org. Abraham, Fruchter & Twersky, LLP has extensive experience in securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services. In addition, Abraham, Fruchter & Twersky, LLP has extensive experience litigating federal securities law claims involving Chinese companies and employs attorneys fluent in Mandarin Chinese.
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