NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Pingtan Marine Enterprise Ltd. (NASDAQ:PME) securities between August 8, 2016 and May 10, 2017 (the “Class Period”). Investors have until August 22, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Pingtan made false and/or misleading statements and/or failed to disclose that: (1) the Company is banned from Indonesia; (2) the Company has used investor capital to finance illegal activity; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 10, 2017, Aurelius Value published a report alleging that the Company “has engaged in fraudulent and illegal activities that conceal the reality that its shares likely have zero value.” The report further alleged that the Company has financed international crimes, such as fraud, poaching, and human trafficking. Following this news, Pingtan Marine shares fell $1.16 per share, or over 28.2%, to close at $2.95 on May 10, 2017.
If you purchased or otherwise acquired Pingtan securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Pingtan lawsuit, please go to http://www.bespc.com/pingtan. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.