Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Longtop Financial Technologies Ltd. (“Longtop” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Class action lawsuits have been filed in the U.S. District Courts for the Central District of California and the Southern District of New York by other law firms on behalf of purchasers of the common stock and/or the American Depository Shares of Longtop Financial Technologies Ltd. (NYSE:LFT) between October 25, 2007 and April 25, 2011, inclusive (the “Class Period”). Longtop Financial Technologies Ltd. claims it is a leading software development and solutions provider targeting the financial services industry in China. According to the Company, it is “the highest ranked Chinese financial technology provider on the Global FinTech 100 survey of top technology partners to the financial services industry.” The complaints allege that Longtop and certain of its officers and/or directors (“Defendants”) misrepresented and/or failed to disclose that: (1) the Company’s financial records regarding cash, loan balances, and sales revenue were falsified; (2) the Company's margins were vastly overstated; (3) Longtop’s largest customer was an undisclosed related party; (4) the Company’s management interfered with the audit process and improperly detained audit files of the Company's auditor, Deloitte Touche Tohmatsu CPA Ltd. ("Deloitte"); (5) Longtop's financial statements were not presented in accordance with GAAP, and (6) Defendants had no reasonable basis for their positive statement about Longtop's business and financial results. Trading in the Company’s shares was halted on May 17, 2011. On May 23, 2011, Longtop issued a press release announcing that its Chief Financial Officer resigned, that its outside auditor Deloitte had resigned, that the Securities and Exchange Commission had begun an inquiry into the Company, and that the Company had retained a forensic accountant to begin an independent investigation. In its resignation letter, Deloitte stated that it had resigned due to management’s interference with its audit, the “unlawful detention” of its audit files, and “falsity” in Longtop’s financial records.
Cohen Milstein encourages all investors who purchased Longtop common stock and/or American Depository Shares, or former employees with information concerning this matter, to contact the firm.If you are a Longtop shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at email@example.com. If you purchased the common stock and/or American Depository Shares of Longtop and wish to serve as lead plaintiff, you must move the Court no later than July 22, 2011 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member. Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, and Chicago, and is active in major litigation pending in federal and state courts throughout the nation. The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com. If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: