NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announced today that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York against Pingtan Marine Enterprise Ltd. (“Pingtan Marine Enterprise” or the “Company”) (NASDAQ:PME) on behalf of investors that acquired Pingtan Marine Enterprise securities during the period from August 8, 2016 through May 10, 2017 (the “Class Period”) seeking recovery of damages for alleged violations of the federal securities laws. Pursuant to applicable law, investors have until August 22, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Pingtan Marine Enterprise engages in the ocean fishing business.
The lawsuit alleges that on May 10, 2017, Aurelius Value, a company specializing in research into publicly traded companies, published a report asserting, among other things, that the Company is specifically banned from doing business in Indonesia, and the Company financed widespread illegal activity with investor capital.
On this news, shares of Pingtan Marine Enterprise fell from $4.11 to close at $2.95 per share on May 10, 2017 (a decline of $1.16).
If you acquired Pingtan Marine Enterprise securities during the Class Period and are interested in learning more about this matter and any rights you might have with respect to these claims, please contact Chloe Chung at firstname.lastname@example.org, or by telephone at (212) 371-6600. You can also find information about this matter on the firm’s website at www.kmllp.com. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. Kirby McInerney’s efforts on behalf of shareholders have resulted in recoveries totaling billions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Pingtan Marine Enterprise Ltd. can be found at Kirby McInerney LLP's website: www.kmllp.com.