Holzer Holzer & Fistel, LLC Announces That It Has Filed a Class Action Lawsuit on Behalf of Investors in CNinsure, Inc.
(firmenpresse) - ATLANTA, GA -- (Marketwire) -- 10/20/11 -- Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of CNinsure, Inc ("CNinsure" or the "Company") (NASDAQ: CISG) American Depository Shares ("ADSs") who purchased between March 2, 2010 and September 14, 2011, inclusive (the "Class Period"). The lawsuit alleges that Defendants failed to disclose adverse information in violation of federal securities laws. Specifically, the lawsuit alleges that: (a) the Company was materially overstating its net income by understating the costs associated with the Company's scorecard system; (b) the Company failed to account for incentives provided to the Company's agents as costs since those incentives were reasonably likely to be tendered at a future date; and (c), as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
If you purchased CNinsure common stock during the Class Period, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than December 16, 2011. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you are a CNinsure investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at , or , or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, and upon request from the firm.
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Datum: 20.10.2011 - 09:02 Uhr
Sprache: Deutsch
News-ID 1048240
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