Newman Ferrara LLP announces that a class action lawsuit has been filed on behalf of shareholders of Longwei Petroleum Investment Holding Limited (“Longwei”) (NYSE MKT: LPH) against Longwei and certain of its executive officers, alleging violations of federal securities laws.
Investors who purchased Longwei securities between May 17, 2010 and January 3, 2013 (the “Class Period”) may apply with the Court to be appointed Lead Plaintiff no later than March 5, 2013. The Lead Plaintiff will direct the litigation on behalf of the other class members. The Court will select the Lead Plaintiff from among applicants claiming the largest investment losses.
Longwei is a China-based energy company engaged in the transporting, storing, and selling of finished petroleum products. The Complaint alleges that throughout the Class Period, Longwei and certain of its executive officers issued materially false and misleading statements regarding Longwei’s business operations and financial performance.
Specifically, on January 3, 2013, investment analyst GeoInvesting.com published a report revealing that Longwei had inflated its November 2012 sales figures for its fuel depot storage facilities in Taiyuan, Shanxi Province, and Gujiao and had failed to disclose a $32 million investment in a tourism business made by Longwei’s subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd. On this news, shares of Longwei stock dropped 73% to a January 3, 2013 closing price of $0.62 per share.Investors who purchased shares of Longwei stock during the Class Period are encouraged to contact Newman Ferrara attorney Roy Shimon at firstname.lastname@example.org or call (212) 619-5400 to discuss this lawsuit or the Lead Plaintiff process. Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action. Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV