DEADLINE ALERT: Brower Piven Alerts Shareholders Of Approaching Deadline In Class Action Lawsuit And Encourages Those With Losses In Excess Of $100,000 From Investment In Cemtrex, Inc. To Contact The Firm
The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Cemtrex, Inc. (Nasdaq: CETX) ("Cemtrex" or the "Company") securities during the period between December 7, 2016 and February 21, 2017, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until April 25, 2017 to seek appointment as lead plaintiff. If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Cemtrex securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that over $1 million had been paid to stock promoters since late 2015; the entity paying for the stock promotion was owned by the Company's Chief Executive Officer ("CEO") and President and based out of Cemtrex's corporate headquarters; senior executives engaged in undisclosed insider selling; and, the Company retained a foreign accounting firm with a history of fraudulent endeavors to conduct its financial audits. According to the complaint, following a February 22, 2017 article asserting that money had been paid to stock promoters by the Company's CEO, the value of Cemtrex shares declined significantly.