The Rosen Law Firm, P.A. announces that it is investigating potential securities claims against SmartHeat, Inc. (NASDAQ: HEAT) ("Heat"). On May 30, 2012, Heat announced the resignation of its Chairman James Jun Wang, its President and CEO Wen Sha, and several other officers. Heat also announced that, to meet "immediate cash needs", it would take out a $1.0 million revolving line of credit at onerous rates from Mr. Wang. That same day, the NASDAQ stock market halted trading in Heat stock. The NASDAQ stock market indicated that trading would remain halted until Heat fully satisfied NASDAQ's request for further information. The Rosen Law Firm is preparing a securities class action lawsuit on behalf of Heat investors to recover investment losses. If you purchased Heat stock, please visit the firm’s website at http://www.rosenlegal.com to join the class action. You may also contact Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at email@example.com. Investors who purchased stock in Heat's November 23, 2010 Secondary Offering are especially encouraged to contact the firm. 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.
Shares of SmartHeat (Nasdaq:HEAT) have taken a tremendous swing upward. The stock is trading at 65 cents as of 10:46 a.m. ET, 22.6% above Tuesday's closing price of 53 cents. Volume is at 47,367, 0.1 times the daily average of 474,400.