The law firm of Wohl & Fruchter LLP announces that it has been retained by an institutional investor to commence class action litigation on behalf of shareholders of Longtop Financial Technologies Limited (Longtop) (NYSE: LFT).
On May 17, 2011, trading in Longtop American Depository Shares was halted after analyst reports questioned Longtop’s financial condition and alleged potential accounting fraud.
On May 23, 2011, Longtop announced the resignation of both its Chief Financial Officer and its auditor, Deloitte Touche Tohmatsu CPA Ltd. (DTT). In its resignation letter, DTT stated that it was resigning as the result of recently-discovered falsity in the Company’s financial records, deliberate interference by Longtop management in DTT’s audit process, and the unlawful detention of its audit files. DTT further stated that it was no longer able to rely on management’s representations regarding previously-issued financial reports, and that continued reliance should no longer be placed on DTT’s audit reports.
To date, trading in Longtop American Depository Shares has not resumed.If you wish to join in the litigation or discuss potential claims related to Longtop, please contact Ethan Wohl, at 866 582 8140 or via email at email@example.com. Additional information is available at http://www.wohlfruchter.com/cases/lft. About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.