CASES
SinoTech Energy Limited
Class Period: Nov 3, 2010 to Aug 16, 2011
Lead Plaintiff Deadline: Oct 18, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against SinoTech Energy Limited ("SinoTech Energy" or the "Company") on behalf of investors who purchased the securities of SinoTech between November 03, 2010 to August 16, 2011. This case has been filed in the USDC - New York (Southern).
The Complaint alleges that SinoTech Energy, its officers and directors, and underwriters issued materially inaccurate information about the Company's financial performance. On August 16, 2011, a report was issued by the Alfred Little website demonstrating that the Company's business was smaller than it had represented to investors in its SEC filings. Namely, that (a) SinoTech Energy' five largest subcontracting customers appear to be shell companies with unverifiable operations and minimal revenues; (b) SinoTech Energy's sole chemical supplier appears to be an empty shell, with little or no revenues, a deserted office and no signs of production activity; (c) SinoTech's audited financial statements filed with Chinese authorities confirm the Company's negligible business operations; and (d) other facts showing that Company's business operations are smaller than it represents in SEC filings. Later on August 16, 2011, NASDAQ halted trading in the Company's stock, pending further information requested by the exchange. The Complaint alleges that as a result of these adverse disclosures, investors have been damaged.
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.