Longwei Petroleum Investment Holding Limited
Lead Plaintiff Deadline: 03/05/13
Date filed: 01/04/13
Class period: October 13, 2009 through January 3, 2013
Court: Central District of California
Abraham, Fruchter & Twersky, LLP announces that a subsequent securities class action lawsuit has been filed in the United States District Court for the Southern District of New York expanding the class period to include all persons or entities that purchased the common stock of Longwei Petroleum Investment Holding Limited (“Longwei” or the “Company”) (NYSE: LPH) from October 13, 2009 through January 3, 2013, inclusive (the “Class Period”), alleging violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder against the Company and certain of its officers and directors (the “Complaint”).
Longwei, based in Shanxi, China, is engaged in the wholesale distribution of finished petroleum products in the People’s Republic of China. The Complaint asserts allegations from a January 3, 2013 article published by investment research firm GeoInvesting titled “Longwei Petroleum: The Most Brazen China-Based U.S. Listed RTO To Date.” According to the article, Longwei exaggerated its November 2012 sales figures for its fuel depot storage facilities in Taiyuan and Gujiao, China, and failed to disclose a $32 million related-party investment in a tourism business made by Longwei’s subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd.
On this news, the price per share of Longwei common stock fell $1.68, or 73%, to close that day at $0.62, on heavy trading volume. Since the announcement, trading in Longwei common stock has been halted.
If you purchased Longwei common stock from October 13, 2009 through January 3, 2013, inclusive, and you would like to discuss these claims or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, please contact an AF&T attorney. If you would like information on how to participate in this action, please fill out the form below.