Izard Nobel LLP Announces Class Action Lawsuit Against Puda Coal, Inc.
19 April 2011 - 8:14AM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Southern District of
New York on behalf of purchasers of the common stock of Puda Coal,
Inc. ("Puda" or the "Company") (NYSE Amex: PUDA) between November
13, 2009 and April 11, 2011, inclusive (the "Class Period").
The Complaint charges Puda and certain of its officers and
directors violated federal securities laws. Specifically, the
Complaint alleges that defendants failed to disclose the following:
(i) that, prior to the Class Period, certain of the individual
defendants fraudulently transferred Puda's ownership interest to
defendant Zhao; (ii) that Puda was nothing more than a shell
company during the Class Period; (iii) that Puda's reported
operating results and financial condition were materially
overstated; (iv) that Puda's financial statements were not fairly
presented in conformity with U.S. Generally Accepted Accounting
Principles and were materially false; and (v) that Puda was
operating with material deficiencies in its system of internal
control over its financial reporting.
On April 11, 2011, Puda announced that its Audit Committee would
investigate allegations raised on an investment website alleging
various unauthorized transactions in the shares of a subsidiary
company. Puda also announced that there was evidence to support the
allegation that there were transfers in ownership that were
inconsistent with disclosures in Puda's public filings.
If you are a member of the class, you may, no later than June
13, 2011, request that the Court appoint you as lead plaintiff of
the class. A lead plaintiff is a class member that acts on behalf
of other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/puda/, or contact Izard Nobel LLP
toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa or Wayne Boulton (800)797-5499
www.izardnobel.com Email Contact
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