LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Hongli Clean Energy Technologies Corp. (“Hongli” or the “Company”) (Other OTC: CETC) concerning possible violations of federal securities laws between October 13, 2015 and April 7, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the July 7, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout 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. Upon release of this news, Hongli’s shares dropped in value materially, which caused investors harm according to the Complaint
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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