Izard Nobel LLP Announces Class Action Lawsuit Against Sinotech Energy Limited
(firmenpresse) - WEST HARTFORD, CT -- (Marketwire) -- 08/30/11 -- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depository Shares ("ADSs") of SinoTech Energy Limited ("SinoTech" or the "Company") (NASDAQ: CTE) from November 3, 2010 through August 16, 2011 (the "Class Period"), including purchasers of ADSs in the November 3, 2010 initial public offering.
The Complaint charges SinoTech and certain of its officers and directors violated the federal securities laws. Among other things, defendants failed to disclose the following: (i) SinoTech's sole import agent, which accounted for more than $100 million worth of oil drilling equipment orders, is an empty shell company with no sign of operations; (ii) the Company's only chemical supplier is also an empty shell company, with little or no revenues; (iii) the Company's largest subcontracting customer, which provides the vast majority of SinoTech's revenues, has unverifiable operations with minimal revenues; (iv) the financial statements SinoTech issued in the U.S. are inconsistent with similar filings made in China; (v) SinoTech has engaged in undisclosed related-party transactions; and (vi) positive statements SinoTech made regarding its internal financial controls were false and misleading.
On August 16, 2011, a research analyst published an investigative report detailing these and other problems. On this news, SinoTech's stock plummeted more than 40%.
If you are a member of the class, you may, no later than October 18, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: , or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: . For more information about class action cases in general, please visit our website: .
CONTACT:
Nancy A. Kulesa
Wayne Boulton
(800) 797-5499
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Datum: 30.08.2011 - 13:18 Uhr
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