LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a securities class action lawsuit against Hongli Clean Energy Technologies Corp. (“Hongli” or the “Company”) (Nasdaq: CETC) for violations of §10(b) and §20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder.
Investors who purchased shares between October 13, 2015 and April 7, 2017 inclusive (the “Class Period”), are encouraged to contact the firm in advance of the July 7, 2017 lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate.
In addition, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.goldberglawpc.com/, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Complaint alleges that during the Class Period, Hongli made false and/or misleading statements and/or failed to disclose that the Company did not properly record the impairment of its assets. On April 7, 2017, Nasdaq stopped trading Hongli’s securities, effective 12:15 p.m. on April 10, 2017, for “additional information requested” from the Company. On April 21, 2017, Hongli revealed that it dismissed KSP Group, Inc. (“KSP”) as its independent auditor and stated that KSP had no disagreements with Hongli as to its accounting practices. On April 26, 2017, Hongli disclosed that KSP believed a disagreement did exist at the time Hongli dismissed it. KSP disagreed with the timing and manner in which Hongli valued a substantial amount of assets on its balance sheet. When this news was announced, Hongli’s stock price dropped materially, which caused investors harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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