China Integrated Energy, Inc.
The Law Office of Robbins Umeda LLP Announces the Filing of a Class Action Lawsuit Against China Integrated Energy, 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 Integrated Energy, Inc. (NASDAQCM: CBEH) between March 31, 2010 and March 16, 2011 (the “Class Period”).
China Integrated operates as an integrated energy company in China. China Integrated engages in the wholesale distribution of various finished oil and heavy oil products to distributors that supply to retail service stations, as well as directly to end users through its retail gas stations. The company is also involved in the production and sale of biodiesel to oil product trading companies, as well as end users such as gas stations, electric power companies, and shipping companies. China Integrated was founded in 1999, is headquartered in Xi’an City, China, and is incorporated in Delaware.
The lawsuit alleges that during the Class Period, China Integrated violated federal securities laws by issuing material misrepresentations to the investing public concerning its business, operations, and prospects, thereby artificially inflating the price of the company’s securities.
On March 16, 2011, Sinclair Upton Research issued a report alleging that China Integrated concealed self-dealing transactions between the company and its officers and directors that had the effect of funneling cash to these officers and directors. Citing Chinese regulatory filings, the report further stated that the company misrepresented its business prospects, and financial performance and condition to investors.
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