BENSALEM, Pa.--()--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class comprising all purchasers of the common stock of Longwei Petroleum Investment Holding Limited (“Longwei” or the “Company”) (NYSE MKT: LPH) between May 17, 2010 and January 3, 2013, inclusive (the “Class Period”).
Longwei is a China-based energy company engaged in transporting, storing and selling finished petroleum products in the People’s Republic of China. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued materially false and misleading statements regarding the Company’s operations and financial performance. Specifically, the Complaint alleges that defendants misrepresented and/or failed to disclose that: (a) the Company exaggerated its November 2012 sales figures for its fuel depot storage facilities in Taiyuan, Shanxi Province, and in Gujiao; (b) defendants failed to disclose a $32 million investment in a tourism business made by Longwei Petroleum’s subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd. (“Zhonghe”); and (c) as a result of the foregoing, the Company’s statements concerning its operations and financial performance were materially false and misleading at all relevant times.
No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Longwei common stock during the Class Period, you have certain rights, and have until March 5, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.