Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Harbin Electric, Inc. (“Harbin” or the “Company”) (NasdaqGS: HRBN). Faruqi & Faruqi, LLP seeks to determine whether Harbin has violated federal securities laws in connection with statements made to the Company’s shareholders.
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On June 16, 2011, shares of Harbin declined over 50 percent to close at $6.98 per share on extremely heavy trading after Citron Research (“Citron”) alleged the Company was committing fraud on its U.S. investors. In the note, Citron said it has “hundreds of pages of SAIC documents – the in-country filings of Harbin’s subsidiaries over the years. These documents do not even remotely resemble the company that Harbin portrays to US investors in its SEC filings.” This follows an earlier note in June which raised questions about a $400 million credit agreement between Harbin’s Chief Executive Officer and China Development Bank to finance a buyout of Harbin.
Take ActionIf you own Harbin securities and would like to discuss your legal rights, visit www.faruqilaw.com/HRBN. You can also contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an email to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Harbin’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others. About Faruqi & Faruqi, LLP Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The firm is focused on providing exemplary legal services in complex litigation. Founded in 1995, the firm maintains its principal office in New York City, with offices in Delaware, California, Florida and Pennsylvania. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.