According to the press release, a class action lawsuit on behalf of all purchasers of the common stock of Tri-Tech Holding, Inc. (“Tri-Tech”) (NASDAQ: TRIT) during the period between March 26, 2012 and December 12, 2013, seeking to recover damages for violations of the federal securities laws.
According to the lawsuit, Tri-Tech made false and misleading statements and/or failed to disclose that the Company lacked adequate disclosure and internal controls relating to the Tri-Tech’s control over its funds. On December 12, 2013, Tri-Tech disclosed for the first time that its former CEO was in fact terminated due to his violations of the Company’s internal policies and procedures regarding wire transfers. On this news, shares of Tri-Tech fell $.17 per share or by approximately 11%, and caused the NASDAQ to halt all trading in Tri-Tech’s stock—damaging investors.
On March 14, 2014, the Tri-Tech Group and the Baker Group were appointed as Lead Plaintiff, and Rosen Law P.A. and Gainey McKenna & Egleston were appointed as Lead Counsel.
On June 3, 2014, the Plaintiffs filed an Amended Complaint against the Defendants. Plaintiffs believe that substantial evidentiary support would exist for the allegations set forth herein after a reasonable opportunity for discovery.