BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it has commenced an investigation on behalf of China Auto Logistics Inc. (“China Auto Logistics” or the “Company”) (NASDAQ: CALI) investors concerning the Company and its officers’ possible violations of federal securities laws.
On April 2, 2018, China Auto Logistics stated that it was unable to file its Annual Report on Form 10-K for the period ended December 31, 2017 in a timely manner because it required additional time to “identify certain related party transactions and the impact of such transactions.” The Company also announced that it had identified a material weakness in its internal controls related to “identifying and reporting certain relationships and related transactions.”
On this news, China Auto Logistics’ share price fell $0.66 per share, or more than 19%, to close at $2.79 on April 2, 2018, thereby injuring investors.
If you purchased China Auto Logistics securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at 215-638-4847, toll-free at 888-638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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