The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against Yongye International, Inc. (NASDAQ: YONG - News) resulting from allegations that the company may have issued materially misleading financial statements and business information to the investing public. On May 18, 2011, an equity analyst at Absaroka Capital Management issued a report asserting that Yongye International had engaged in undisclosed self-dealing transactions through its purchase of a $34.4 million lignite coal project, as well as through more than $25 million of purchases from its two main suppliers. The analyst also reported that Yongye International had falsely claimed in a television promotional campaign that its main product -- Shengmingsu – was developed by a team of scientists at Stanford University. The report contained a letter from Stanford denying the claim. When the market learned of the adverse news contained in the analyst report, Yongye International’s stock price dropped substantially, damaging investors. The Rosen Law Firm is preparing a securities class action lawsuit on behalf of Yongye International investors to recover their investment losses. If you purchased Yongye International stock, please visit the website at http://rosenlegal.com to participate in the class action and to obtain more information. You may also contact Laurence Rosen or Phillip Kim of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at or email@example.com or firstname.lastname@example.org. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Attorney Advertising. Prior results do not guarantee a similar outcome.
Yongye International said Wednesday the $340 million buyout by chairman and CEO Zishen Wum and the Asian private equity arm of Morgan Stanley did not get the required vote of nonaffiliated shareholders at an adjourned special meeting.