This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Milberg LLP Announces Pendency Of Class Action Lawsuit Against Longwei Petroleum Investment Holding Ltd. - LongweiLawsuit.com

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 ( www.LongweiLawsuit.com) 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs