Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/cvvt) announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased China Valves Technology, Inc. ("China Valves" or the "Company") (NASDAQ: CVVT) common stock between January 12, 2010 and January 13, 2011, inclusive (the "Class Period"). For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/cvvt. The Complaint alleges violations of the Securities Exchange Act against China Valves and its officers and directors for misrepresenting the nature, circumstances, and related party nature of the Company’s acquisitions of Changsha Valve Co. and Shanghai Pudong Hanwei Valve Co., Ltd. During the Class Period, the defendants failed to disclose that both acquisitions involved payments to entities or persons that were related to management in violation of GAAP. As a result of this, the Company’s financial results were materially overstated. On January 13, 2011, Citron Research published an online report that China Valves may be delisted from NASDAQ as it faces increased regulatory scrutiny over certain buyouts. Specifically, Citron Research stated that he financial results of Changsha Valve, an acquisition China Valves had made in 2010, have been overstated and that the acquisition was an improper related party transaction. On this news, shares of China Valves fell 18.0 percent to close at $7.15 per share on unusually heavy trading volume. By January 14, 2011, shares of China Valves had fallen to 6.87 per share. If you are a member of the class, you may, no later than April 5, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Shares of China Valves Technology (Nasdaq:CVVT) have taken a tremendous swing upward. The stock is trading at $2.54 as of one p.m. ET, 20.4% above Monday's closing price of $2.11. Volume is at 604,488, 3.7 times the daily average of 165,100.
China Valves Technology (Nasdaq:CVVT) hit a new 52-week low Wednesday as it is currently trading at $3.91, below its previous 52-week high of $13.35 with 440,181 shares traded as of 3:56 p.m. ET. Average volume has been 674,100 shares over the past 30 days.
China Valves Technology (Nasdaq:CVVT) hit a new 52-week low Monday as it changed hands at $4.23 compared with its previous 52-week low of $4.39. China Valves Technology is currently trading at $4.25 with 101,267 shares changing hands as of 9:36 a.m. as compared to the average daily trading volume of 780,900.
China Valves Technology (Nasdaq:CVVT) hit a new 52-week low Tuesday as it changed hands at $4.39 compared with its previous 52-week low of $4.71. China Valves Technology is currently trading at $4.40 with 692,288 shares changing hands as of 11:16 a.m. as compared to the average daily trading volume of 696,200.