China Energy Savings (NASDAQ:CESV)
Historical Stock Chart
From May 2019 to May 2024
Goldman Scarlato & Karon, P.C., a law firm with offices
in Pennsylvania and Ohio, announces that a lawsuit has been filed in
the United States District Court for the Southern District of New
York, on behalf of persons who purchased or otherwise acquired
publicly traded securities of China Energy Savings Technology, Inc.
("China Energy" or the "Company") (NASDAQ: CESV) between April 21,
2005 and February 15, 2006, inclusive, (the "Class Period"). The
lawsuit was filed against China Energy, Kwun-Luen Siu, Lawrence Lok,
Yuen-Ming and Sun Li ("Defendants").
If you are a member of this class and wish to view a copy of a
complaint and join this class action, please e-mail us at
info@gsk-law.com and request a copy of the complaint and a plaintiff
certification. If you are a member of the Class, you may move the
Court no later than June 30, 2006 to serve as a lead plaintiff for the
Class. 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. However, if you choose to
remain an absent class member, unless and until a class is certified,
you are not represented by counsel.
The complaint alleges that Defendants violated Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder. Specifically, the complaint alleges that
Defendants failed to disclose: (1) that the Company's private
placement offering in January 2006 was fraught with self dealing; and,
(2) certain information involving the facts and circumstances about
certain underlying transactions related to the rescission of certain
Rule 144a legal opinions by the Company's prior securities counsel.
On January 17, 2006, the Company announced an underwriting
agreement to raise $50 million through a private placement of Company
stock. The very same day, China Energy announced that Mr. Sun Li
resigned as Chairman and CEO of the Company. Upon his resignation, the
Company immediately appointed Kwun Luen Siu Chairman of the Board and
CEO. On January 20, 2006, China Energy filed two registration
statements indicating that the Company could offer up to ten million
shares of its common stock and in addition the Company also indicated
that selling stockholders could sell up to 6.05 million shares.
Shortly thereafter, on February 9, 2006, China Energy announced that
it was delaying the filing of its SEC Form 10-Q for the quarter ended
December 31, 2005, due to the recent change in management. On February
14, 2006, the Company filed its delayed Form 10-Q, which revealed that
the Company and its independent auditors were the subject of an
informal SEC inquiry. On February 15, 2006, NASDAQ announced that
trading was halted in China Energy. The shares of the Company have
been halted by NASDAQ ever since.
If you bought China Energy securities between April 21, 2005 and
February 15, 2006, inclusive, and would like to obtain information
about the lawsuit, then you are invited to call (888) 753-2796 to
speak with an advisor.