Sinotech Energy Limited (CTE) Securities Litigation
Gilman Law, LLP announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of the purchasers of SinoTechEnergy Limited (“SinoTech” or the “Company”) (NASDAQ: CTE) for potential violations of Federal Securities laws, including allegations of issuing false and misleading statements to investors which artificially inflated the market price.
If who purchased or otherwise acquired American Depository Shares of SinoTech (“ADS”) pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with the Company’s Initial Public Offering (the “IPO”) on November 3,2010, including open-market purchasers of ADS’ between November 3, 2010 and August 16, 2011 (the “Class Period”), and either lost money on the transaction or still hold the shares, you may contact Gilman and Pastor by no later than October 18, 2011 to discuss your rights, including as to the recovery of your losses, or to obtain additional information, by completing the form below, by email at email@example.com or by calling toll-free (888)252-0048.
The Complaint alleges that at the time of the IPO, the Company’s reported sales and revenues were materially inaccurate because SinoTech exaggerated the nature, size and scope of its business. This was discovered on August 16, 2011 when the Alfredlittle.com published a report citing numerous red flags of false statements by the Company. After the release of this report, the Company’s stock fell from $4.05/share on the morning of August 16, 2011 to $2.35/share, or approximately 42% later that day.
For over 40 years, Gilman and Pastor, LLP has represented institutional and individual investors in class actions, complex securities and corporate governance litigation. The firm has been a champion of investor rights and has been recognized for its reputation for excellence by the courts. You may retain Gilman and Pastor without financial obligation or cost to you, or you may retain other counsel of your choice.
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