Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Wonder Auto Technology, Inc.
Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/watg) announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Wonder Auto Technology, Inc. ("Wonder Auto" or the "Company") (NASDAQ: WATG) between May 14, 2008 and May 6, 2011, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/watg.
The Complaint alleges that during the Class Period the Company violated federal securities laws by issuing materially false and misleading statements thereby artificially inflating the price of the Company’s securities. Specifically, (1) the Company improperly recognized revenue; (2) specifically, the Company’s subsidiaries improperly recorded its sales and costs of sales; (3) the Company failed to report that it had entered into several related-party transactions; (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On March 1, 2011, the Company announced that its previously issued financial statements for fiscal years 2008 and 2009, as well as its interim reports for those periods "should no longer be relied upon due to a cutoff error regarding timing of revenue in such periods." On May 6, 2011, after the close of trading, NASDAQ halted the trading of Wonder Auto stock. On May 12, 2011, the Company announced that its Audit Committee had "undertaken an internal investigation concerning certain investment and acquisition transactions." On May 20, 2011, the Company stated that the Audit Committee's investigation will continue until at least June 2011 and was commenced "in response to a report alleging that the Company had engaged in several transactions without properly disclosing their related-party nature." Currently, shares of Wonder Auto are halted.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV