NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Hongli Clean Energy Technologies Corp. (NASDAQ: CETC) who purchased shares between October 13, 2015 and April 7, 2017. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) Hongli did not properly record the impairment of its assets; and (2) as a result, Hongli’s public statements were materially false and misleading at all relevant times. On April 21, 2017, Hongli revealed that it dismissed KSP Group, Inc. (“KSP”) as its independent auditor had stated that KSP had no disagreements with Hongli as to its accounting practices. On April 26, 2017, however, Hongli disclosed that KSP believed a disagreement did exist at the time Hongli dismissed it.
Shareholders have until July 7, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sa/hongli?wire=2.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.