Rosen Law Firm Representing Shareholders in Class Action Lawsuit Against Puda Coal, Inc. -- PUDA
15 April 2011 - 12:37PM
The Rosen Law Firm, P.A. today announced that it has filed a class
action lawsuit on behalf of investors who purchased the securities
of Puda Coal, Inc. ("Puda Coal" or the "Company") (AMEX:PUDA)
during the period from November 13, 2009 to April 8, 2011,
inclusive (the "Class Period"), seeking to recover damages for
violations of federal securities laws.
To join the Puda Coal class action, visit the firm's website at
http://www.rosenlegal.com, or call Laurence Rosen, Esq. or Phillip
Kim, Esq., toll-free, at 866-767-3653; you may also email
lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the
class action. The case is pending in the U.S. District Court for
the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN
AN ABSENT CLASS MEMBER.
The Complaint asserts violations of the Securities Exchange Act
against Puda Coal and its officers and directors for
misrepresenting the Company's ownership interest of the Company's
operating subsidiary Shanxi Puda Coal Group Co. Ltd ("Shanxi
Coal."), and related unauthorized transactions involving Shanxi
Coal and Puda Coal's Chairman Ming Zhao. According to the
Complaint, on April 8, 2001 a stock market analyst, issued a report
claiming that Ming Zhao had secretly engaged in related party
transactions in order to "steal" half of Puda Coal's ownership
interest in Shanxi Coal and pledged the other half of the Company's
ownership of Shanxi Coal to Chinese private equity investors (the
"Report").
In reaction to the adverse information in the Report, the price
of Puda Coal stock fell 34% on April 8, 2010. On April 11,
2011 (the following trading day), trading in Puda Coal's stock was
halted before market open. Later that day, Puda Coal issued an
announcement admitting that "evidence supports the allegations that
there were transfers by Mr. Zhao in subsidiary ownership that were
inconsistent with the disclosure made by the Company in its public
securities filings." As a result of this adverse information
the Complaint alleges that investors have been damaged.
If you wish to serve as lead plaintiff, you must move the Court
no later than June 13, 2011. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. If you wish to join the litigation, or to discuss
your rights or interests regarding this class action, please
contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law
Firm, toll-free, at 866-767-3653, or via e-mail at
lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also
visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
www.rosenlegal.com
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