Case Page

 

Case Status:    ONGOING    
On or around 08/26/2014 (Ongoing date of last review)

Filing Date: January 04, 2013

According to the law firm press release, the Complaint asserts violations of the federal securities laws against Longwei and certain if its officers and directors for issuing materially false and misleading financial information. Namely, the lawsuit asserts, among other things, that Longwei: (a) failed to disclose a material related party investment in a tourism business involving CEO Cai; (b) concealed that CEO Cai was a minority owner of Longwei’s subsidiaries; and (c) Longwei’s wholesale fuel sales were vastly exaggerated given certain of those facilities were idle. On January 3, 2013 investment site Geoinvesting.com published a report revealing these adverse facts and other red-flags of potential fraud, including Longwei’s connection to another notorious PRC fraud involving Puda Coal, Inc. This announcement caused Longwei’s stock to fall more than 70% on January 3, 2013. Since the announcement, trading in Longwei stock has been halted.

On March 4, 2013, the Plaintiff pursuant to Federal Rule of Civil Procedure 41(a)(1)(A), voluntarily dismissed their action without prejudice.

On May 14, 2013, the Court granted a different investor group's motions for consolidation, appointment as lead plaintiff, and approval of lead counsel.

On July 8, 2013, a consolidated securities class action complaint against all defendants.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: LPH
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 13-CV-00058
JUDGE: Hon. Stephen V. Wilson
DATE FILED: 01/04/2013
CLASS PERIOD START: 05/17/2010
CLASS PERIOD END: 01/03/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A.
    333 South Grand Avenue, 25th Floor, The Rosen Law Firm, P.A., CA 90071
    213.785.2610 213.226-4684 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 13-CV-00214
JUDGE: Hon. Stephen V. Wilson
DATE FILED: 07/08/2013
CLASS PERIOD START: 09/28/2010
CLASS PERIOD END: 01/03/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
No Document Title Filing Date