China Electric Motor, Inc.
Class Period: Jan 29, 2010 to Mar 30, 2011
Lead Plaintiff Deadline: May 31, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against China Electric Motor, Inc. (CELM) (China Electric) on behalf of all persons who purchased the securities of China Electric from January 29, 2010 through March 30, 2011. This case has been filed in the USDC - California (Central).
The complaint alleges that China Electric Motor, Inc. ("China Electric Motor" or the "Company") and its officers and directors, and underwriters issued materially false and misleading information in the Company's public offering documents and in SEC filings about the Company's financial condition and internal controls. On March 31, 2011 the Company issued an announcement stating that it would be unable to timely issue its fiscal year 2010 financial results because of "possible discrepancies concerning the Company's banking statements that were very recently identified by the Company's auditors in the course of their audit of the consolidated financial statements for the fiscal year ended December 31, 2010." As a result, China Electric Motor stated it had begun an internal investigation.
Since March 30, 2011 trading in the Company's stock has been halted, rendering the Company's stock illiquid and damaging investors.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.