Ryan & Maniskas, LLP (
) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of investors who purchased Longtop Financial Technologies Limited ("Longtop" or the "Company") (NYSE: LFT) American Depository Shares ("ADS"). The operative class period is October 25, 2007 through May 17, 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
Longtop together with its subsidiaries, designs, develops, and delivers software solutions and information technology (IT) services to the financial services industry in the Peoples Republic of China.
On May 23, 2011, the Company disclosed that its Chief Financial Officer, Derek Palaschuk, had resigned. In addition, investors were shocked to learn that the Company's outside auditor, Deloitte Touche Tohmatsu Ltd. ("Deloitte"), had also resigned after identifying matters that may impact the fairness and reliability of Longtop's financial statements for 2010 and 2011. According to Deloitte, financial records relating to cash and loan balances were falsified, and that certain members of management deliberately interfered in the audit process. These revelations have led to the commencement of an SEC investigation.
Trading in the Longtop ADS on the New York Stock Exchange was halted on May 17, 2011. Subsequently, the Company announced that it was postponing the announcement of its quarterly and annual financial results that had been scheduled for release on May 23, 2011. The last closing price of Longtop on May 16th prior to the trading halt was $18.93 per share, and trading has not resumed.
If you are a member of the class, you may, no later than July 22, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.