Robbins Umeda LLP Announces an Investigation of ShengdaTech, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at ShengdaTech, Inc. (NASDAQ: SDTH). ShengdaTech is a Chinese manufacturer of specialty additives. The company uses advanced processing technology to convert limestone into nano-precipitated calcium carbonate products, which are sold to its customers in the tire, polyvinyl chloride (PVC) building materials, ink, paint, latex, adhesive, paper, and polyethylene (PE) industries. ShengdaTech is headquartered in China and incorporated in Nevada.
If you own or purchased stock in ShengdaTech and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at email@example.com.
Trading in ShengdaTech was halted on Tuesday, March 15, 2011, after the company issued a press release announcing the delay in filing its Annual Report for the fiscal year ended December 31, 2010. In addition, the company stated that its board of directors formed a special committee to investigate “potentially serious discrepancies and unexplained issues” relating to ShengdaTech and its subsidiaries’ financial records identified in the course of an audit of the consolidated financial statements. Robbins Umeda LLP’s investigation concerns whether the officers and directors of ShengdaTech issued materially inaccurate financial statements to the investing public.