Longtop Financial Technologies LTD
Class Period: Jun 29, 2009 to Apr 25, 2011
Lead Plaintiff Deadline: Jul 22, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Longtop Financial Technologies Ltd. (LFT) ("Longtop" or the "Company") on behalf of investors who purchased the common stock of Longtop from June 29, 2009 to April 25, 2011. This case has been filed in the U.S. District Court for the Central District of California.
The claims allege that On May 17, 2011 a trading halt was instituted on Longtop's common stock. On May 23, 2011 Longtop issued a press release announcing, among other things, (1) the resignation of its auditor, Deloitte Touche Tohmatsu CPA Ltd. ("DTT"); (2) the resignation of Longtop's Chief Financial Officers; (3) the initiation of an SEC inquiry; (4) and the initiation of an independent investigation. According to the announcement, DTT was resigning because of "(1) the recently identified falsity of the Company's financial records in relation to cash at bank and loan balances (and possibly in sales revenue); (2) the deliberate interference by certain members of Longtop management in DTT's audit process; and (3) the unlawful detention of DTT's audit files."
DTT also stated that it "was no longer able to rely on management's representations in relation to prior period financial reports, that continued reliance should not longer be placed on DTT's audit reports on the previous financial statements, and DTT declined to be associated with any of the Company's financial communications in 2010 and 2011.
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.