The Briscoe Law Firm Investigates Puda Coal, Inc. On Behalf Of Shareholders For Possible Breaches Of Fiduciary Duties By Its Officers And Directors

The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities firm of Powers Taylor, LLP are investigating potential legal claims against the officers and Board of Directors of Puda Coal, Inc. (“Puda Coal” or “PUDA”) (AMEX: PUDA) during the period of November 13, 2009 through April 11, 2011 (the “Class Period”).

It has been alleged in a recently-filed complaint that during the Class Period, Puda Coal and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to Puda Coal’s business and operations in violation of the Securities Exchange Act of 1934. Specifically, it’s alleged that: (i) prior to the beginning of the Class Period, certain of the individual defendants fraudulently transferred Puda Coal’s ownership interest to defendant Ming Zhao; (ii) Puda Coal was nothing more than a shell company during the Class Period; (iii) Puda Coal’s reported operating results and financial condition were materially overstated; (iv) Puda Coal’s financial statements were not fairly presented in conformity with U.S. Generally Accepted Accounting Principles and were materially false and misleading; (v) Puda Coal was operating with material deficiencies in its system of internal control over its financial reporting; and (vi) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the company, its prospects and growth.

If you currently own or purchased Puda Coal/PUDA shares and would like additional information regarding this investigation, or if you have information regarding the allegations against the company, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Copyright Business Wire 2010

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