WASHINGTON--()--Cohen Milstein Sellers & Toll PLLC announces that it has filed an amended class action lawsuit in the U.S. District Court for the Southern District of New York on behalf of (i) all persons or entities who, from March 19, 2007 through August 26, 2011 (the “Class Period”) purchased the common stock of Sino-Forest on the Over-the-Counter (“OTC”) market and who were damaged thereby; and (ii) all persons or entities who, during the Class Period, purchased debt securities issued by Sino-Forest other than in Canada and who were damaged thereby.
The Amended Complaint asserts claims against Defendants Sino-Forest Corporation ("Sino-Forest"), Allen T.Y. Chan, David J. Horsley, Kai Kit Poon, W. Judson Martin, William E. Ardell, James P. Bowland, James M.E. Hyde, Edmund Mak, Garry J. West, Albert Ip, Alfred C.T. Hung, George Ho, Simon Yeung, Poyry (Beijing) Consulting Company Limited, Banc Of America Securities LLC, Credit Suisse Securities (USA) LLC, and Ernst & Young LLP, for misleading investors in connection with the offer and sale of Sino-Forest common stock and debt securities.
The Amended Complaint alleges that during the Class Period, Sino-Forest and the individual defendants made materially false and misleading statements in the Company's financial statements and regulatory filings regarding Sino-Forest's business and financial condition. The Amended Complaint also alleges that the Company’s auditor Ernst & Young failed to properly audit Sino-Forest's financial statements and that its audit reports misrepresented that the financial statements were presented in conformance with Canadian GAAP and that its audits complied with Canadian GAAS. In addition, the Amended Complaint alleges that, among other things, the underwriters for Sino-Forest's $600 million note offering in October 2010 failed to perform proper due diligence in connection with the offering and sale of securities to the public.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia, and Palm Beach Gardens and is active in major litigation pending in federal and state courts throughout the nation.
If you purchased the common stock of Sino-Forest on the Over the Counter market, or its debt securities from March 19, 2007 through August 26, 2011, you may move the court no later than 60 days after the date of this notice and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Cohen Milstein Sellers & Toll PLLC, or other attorneys, to serve as your counsel in this action.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.
If you have any questions about this notice or the action, or with regard to your rights, please contact one of the following:
Steven J. Toll, Esq.
Stefanie M. Ramirez, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600