Milberg LLP announces that class action lawsuits have been filed on behalf of purchasers of Longwei Petroleum Investment Holdings Ltd. (“Longwei” or the “Company”) (NYSE MKT: LPH) between May 17, 2010 and January 3, 2013, inclusive (the “Class Period”). The actions were filed in California Central District Court and New York Southern District Court.
Milberg LLP has created a website (
) that seeks to answer questions about shareholder class actions.
The complaints allege violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. They claim Longwei grossly inflated its November 2012 sales figures for at least two fuel depot storage facilities and failed to disclose a $32 million investment in a tourism business made by Longwei's subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd.
On January 3, 2013, GEOInvesting.com published a report alleging Longwei inflated its November 2012 sales figures for its fuel depot storage facilities in Shanxi Province.
On this news, Longwei shares fell $1.68 per share or nearly 73%, to close at $0.6244 per share on January 3, 2013. Longwei shares were halted and have not traded since January 3, 2013.
If you purchased Longwei shares during the Class Period you may, no later than March 5, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that directs the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaints in this action were not filed by Milberg.