Longtop Financial, Inc.
Robbins Umeda LLP Announces the Filing of a Class Action Lawsuit Against Longtop Financial, 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 common stock of Longtop Financial, Inc. (NYSE: LFT) between June 29, 2009 and April 25, 2011 (the “Class Period”).
Longtop Financial designs, develops, and delivers software solutions and information technology services to the financial services industry in the People’s Republic of China. Longtop Financial was founded in 1996, and is based in Beijing, China.
The lawsuit alleges that during the Class Period, Longtop Financial and its officers and directors issued material false and misleading statements to the investing public. Beginning August 25, 2011, Citron Research and others issued a series of reports which exposed potential accounting fraud and the nondisclosure of related party transactions at Longtop Financial. On April 27, 2011, as an apparent result of these reports, Longtop Financial’s stock price fell approximately 33%, damaging investors. Subsequently, on May 17, 2011, trading of Longtop Financial was halted and, on May 23, 2011, Longtop Financial issued a press release announcing: (1) the resignation of its auditor, Deloitte Touche Tohmatsu CPA, Ltd.; (2) the resignation of its Chief Financial Officer; (3) the initiation of an U.S. Securities and Exchange Commission inquiry; and (4) the initiation of an independent investigation.
If you purchased Longtop Financial stock during the Class Period, you have until July 22, 2011, to move for lead plaintiff. To discuss your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or complete the form below and we will contact you directly.