Shareholders of China Automotive Systems, Inc. ("China Automotive" or the "Company") (NasdaqCM:CAAS) are reminded of the securities class action lawsuit filed against China Automotive and certain of its officers. The class action filed in the United States District Court for the Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased China Automotive securities during the period from March 25, 2010 through and including March 17, 2011 (the “Class Period”).
The Complaint charges that China Automotive and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following: (1) the Company improperly accounted for its convertible notes issued on February 15, 2008; (2) that, as a result, the Company’s financial results were incorrectly stated during the Class Period; (3) that the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email
. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. December 26, 2011 is the deadline for investors to seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of both class and individual litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate work, litigation and securities arbitration.