SinoTech Energy Class Action Lawsuit
SinoTech LTD (NASDAQ: CTE) is being sued for violations of US securities laws. If you are an investor in Sinotech, purchased American Depository Shares (ADS) may be eligible to file legal claims.
We are looking for people who acquired stock on the IPO or between November 3, 2010 and August 16, 2011.
What is going on?
The lawsuit alleges that SinoTech failed to disclose the following adverse information:
(a) SinoTech 's five largest subcontracting customers and its sole chemical supplier appear to be fake shell companies.
(b) SinoTech 's financial reports filed with the SEC contradicted financial filings made to Chinese authorities.
(c) The IPO materials issued on November 3, 2010 were materially misleading and inaccurate to investors.
In August 2011, an Alfred Little report showed that SinoTech's business was much smaller than it representations made to investors in SEC filings. In addition it was found that SinoTech's sole import agent, its only chemical supplier, and its five largest subcontracting customers, all appeared to be shell or fake companies with little or no actual operations.
After the report, SinoTech's ADS tumbled 41% to $1.67 per share. On August 16, 2011, NASDAQ stopped trading in SinoTech's ADS, pending an investigation.
If you purchased SinoTech ADS call us now!
If you are a shareholder of SinoTech Energy please call Attorney Bill Kyros at 1-800-934-2921 to discuss your rights. We are representing investors in China ACM and related matters.
Kyros Law is a Boston-based law firm with significant experience representing investors in shareholder class actions, shareholder derivative actions, and securities fraud class actions. For info about our law firm please our Kyros Law web site.
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