China Electric Motor, Inc.
Robbins Umeda LLP Announces the Filing of a Class Action Against China Electric Motor, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, announces that a class action lawsuit has been filed on behalf of all persons or entities who purchased the common stock of China Electric Motor, Inc. (NASDAQ: CELM) between January 28, 2010 and March 30, 2011 (the “Class Period”).
China Electric designs, manufactures, sells, and markets micro-motors and micro-motor components in the People’s Republic of China and internationally. The company is based in Shenzhen, Guangdong, China, and is incorporated in Delaware.
The lawsuit alleges that during the Class Period, China Electric, its officers and directors, and certain underwriters violated federal securities laws by issuing materially false and misleading information in the company’s public offering documents and in U.S. Securities and Exchange Commission filings about the company’s financial condition and internal controls. On March 31, 2011, the company announced that it would be unable to timely issue its fiscal year 2010 financial results due to “possible discrepancies concerning the Company’s banking statements that were very recently identified by the Company’s auditors in the course of their audit of the consolidated financial statements for the fiscal year ended December 31, 2010.” As a result, China Electric has begun an internal investigation.
If you purchased China Electric stock during the Class Period, you have until May 31, 2011, to move for lead plaintiff. To discuss your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.