LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Pingtan Marine Enterprise Ltd. (“Pingtan” or the “Company”) (NASDAQCM: PME) securities between August 8, 2016 through May 10, 2017, inclusive (the “Class Period”). Pingtan investors have until August 22, 2017 to file a lead plaintiff motion. To obtain information or participate in the class action, please visit the Pingtan page on our website at www.glancylaw.com/case/pingtan.
Investors suffering losses on their Pingtan investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
On May 10, 2017, Aurelius Value published a report stating, in addition to other matters, that Pingtan is specifically banned from Indonesia and Pingtan used investor capital to finance widespread illegal activity.
On this news, shares of Pingtan fell $1.16 per share or over 28% to close at $2.95 per share on May 10, 2017, damaging investors.
According to the Complaint filed in this class action, throughout the Class Period, Pingtan made false and/or misleading statements and/or failed to disclose that: (1) Pingtan is banned from Indonesia; (2) Pingtan has used investor capital to finance illegal activity; and (3) as a result, Pingtan’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of Pingtan during the Class Period you may move the Court no later than August 22, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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