Bernstein Liebhard Announces Filing Of A Class Action Against China Valves Technology, Inc.
Bernstein Liebhard today announced that a lawsuit has been filed in the
United States District Court for the Southern District of New York on
behalf of a class (the “Class”) of investors who purchased China Valves...
Bernstein Liebhard today announced that a lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) of investors who purchased China Valves Technology, Inc. (“China Valves” or the “Company”) (NASDAQ: CVVT) common stock between the period of January 12, 2010 through January 13, 2011, inclusive (the “Class Period”). Plaintiffs allege violations of the Securities Exchange Act of 1934 against China Valves and its officers and directors for misrepresenting the nature, circumstances, and related party nature of the Company’s acquisitions of Able Delight (Changsha) Valve Co. and Shanghai Pudong Hanwei Valve Co., Ltd. Plaintiffs allege that Defendants concealed that both acquisitions involved payments to entities or persons that were related to management in violation of generally accepted accounting principles and SEC rules. Plaintiffs also allege that Defendants materially overstated the financial condition and business prospects of the acquired companies. When the market learned of this adverse information, the price of China Valves stock dropped damaging investors. Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired shares of China Valves during the Class Period. If you purchased or otherwise acquired China Valves shares during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than April 5, 2011. 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 Bernstein Liebhard 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.