NEW YORK, NY / ACCESSWIRE / June 15, 2017 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Hongli Clean Energy Technologies Corp. ("Hongli" or the "Company") (NASDAQ: CETC) of the July 7, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Hongli stock or options between October 13, 2015 and April 7, 2017, and would like to discuss your legal rights, click here: www.faruqilaw.com/CETC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Hongli securities between October 13, 2015 and April 7, 2017 (the "Class Period"). The case, Nasin v. Hongli Clean Energy Technologies Corp. et al, No. 2:17-cv-03244 was filed on May 8, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company did not properly record the impairment of its assets; and (2) as a result, the Company's public statements were materially false and misleading.
Specifically, on April 7, 2017, NASDAQ halted trading of the Company's securities. Then, on April 21, 2017, the Company filed a Form 8-K with the Securities and Exchange Commission ("SEC") disclosing that it dismissed KSP Group, Inc. ("KSP") as its independent auditors. Subsequently, on April 26, 2017, the Company filed a Form 8-K with the SEC disclosing that KSP had a disagreement with the Company regarding whether the Company had properly recorded the impairment of its assets.
As a result of the Company's securities being suspended, shares of Hongli are illiquid and rendered worthless.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Hongli's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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SOURCE: Faruqi & Faruqi, LLP
ReleaseID: 465916
