China Energy Savings (NASDAQ:CESV)
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From Jun 2019 to Jun 2024
Lerach Coughlin Stoia Geller Rudman & Robbins LLP
("Lerach Coughlin") (http://www.lerachlaw.com/cases/chinaenergy/)
today announced that a class action has been commenced in the United
States District Court for the Southern District of New York on behalf
of purchasers of China Energy Savings Technology, Inc. ("China
Energy") (NASDAQ:CESV) common stock during the period between April
21, 2005 and February 15, 2006 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no
later than 60 days from May 1, 2006. If you wish to discuss this
action or have any questions concerning this notice or your rights or
interests, please contact plaintiff's counsel, William Lerach or
Darren Robbins of Lerach Coughlin at 800/449-4900 or 619/231-1058, or
via e-mail at wsl@lerachlaw.com. If you are a member of this class,
you can view a copy of the complaint as filed or join this class
action online at http://www.lerachlaw.com/cases/chinaenergy/. Any
member of the purported 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.
The complaint charges China Energy and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
China Energy engages in the development, manufacture, sale, and
distribution of energy-saving products for use in commercial and
industrial settings in the People's Republic of China.
The complaint alleges that during the Class Period, defendants
issued materially false and misleading statements regarding the
Company's business and financial results. As a result of defendants'
false statements, China Energy stock traded at artificially inflated
prices during the Class Period.
On February 15, 2006, after the market closed, the NASDAQ
announced that trading was halted in China Energy stock for
"additional information requested" from the Company at a last price of
$6.82. As of May 12, 2006, trading in China Energy's stock remained
halted.
According to the complaint, the true facts, which were known by
the defendants but concealed from the investing public during the
Class Period, were as follows: (a) the Company's accounting department
suffered from material weaknesses and deficiencies and lacked the
necessary staff and resources to perform its required functions; (b)
contrary to representations contained in the Company's SEC filings,
the Company's internal controls were inadequate and easily
manipulated; (c) the Company lacked effective internal controls in its
financial reporting process required to enable it to properly analyze
and/or estimate China Energy's future financial and operational
performance; (d) China Energy was improperly recognizing revenue
associated with its long-term energy-sharing service agreements by
recognizing revenue before it was earned and realizable; (e) China
Energy's January 2006 private placement was fraught with self-dealing;
and (f) China Energy was experiencing inside and/or self dealing
transactions in the Company's stock by insiders, its executives and/or
members of its Board of Directors which could lead to trading of its
stock being halted by the NASDAQ.
Plaintiff seeks to recover damages on behalf of all purchasers of
China Energy common stock during the Class Period (the "Class"). The
plaintiff is represented by Lerach Coughlin, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.
Lerach Coughlin, a 180-lawyer firm with offices in San Diego, San
Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Houston, Philadelphia and Seattle, is active in major litigations
pending in federal and state courts throughout the United States and
has taken a leading role in many important actions on behalf of
defrauded investors, consumers, and companies, as well as victims of
human rights violations. Lerach Coughlin lawyers have been responsible
for more than $20 billion in aggregate recoveries. The Lerach Coughlin
Web site (http://www.lerachlaw.com) has more information about the
firm.