Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Longwei Petroleum Investment Holding Limited
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Longwei Petroleum Investment Holding Limited (“Longwei” or the “Company”) (NYSE MKT: LPH) between May 17, 2010 and January 3, 2013, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Longwei during the Class Period, or purchased shares prior to the Class Period and still hold Longwei, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/longwei-petroleum-investment-holding-limited-lph.
Longwei is an energy company engaged in the wholesale distribution of finished petroleum products in the People’s Republic of China. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that: (1) the Company exaggerated its November 2012 sales figures for its fuel depot storage facilities in Taiyuan and Gujiao, Shanxi; (2) defendants failed to disclose a $32 million investment in a tourism business made by Longwei’s subsidiary, Shanxi Zhinghe Energy Conversion Co., Ltd.; and (3) as a result of the foregoing, the Company’s statements regarding its business, operations and financial performance were materially false and misleading at all relevant times. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
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