Glancy Binkow & Goldberg LLP, Representing Shareholders of Puda Coal, Inc., Announces a June 13, 2011 Deadline to Move for Appoi
22 April 2011 - 9:00AM
Glancy Binkow & Goldberg LLP announces that all persons or
entities who purchased or otherwise acquired the securities of Puda
Coal, Inc. ("Puda" or the "Company") (AMEX:PUDA) between November
13, 2009, and April 11, 2011, inclusive (the "Class Period"), have
until June 13, 2011 to move the Court to serve as Lead Plaintiff in
the securities fraud class action lawsuit. The case filed by Glancy
Binkow & Goldberg LLP, Tallant v. Puda Coal, Inc., et al., No.
11-cv-02608-VM, has been assigned to the Honorable Victor Marrero,
United States District Judge for the Southern District of New York.
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201‑9150 or Toll Free at (888) 773‑9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
The Complaint charges the Company and certain of its executive
officers with violations of federal securities laws. Puda,
through its indirect equity ownership in Shanxi Puda Coal Group
Co., Ltd. ("SPCG"), its sole operating subsidiary, supplies
metallurgical coking coal to the industrial sector in the People's
Republic of China. The Complaint alleges that throughout the
Class Period defendants misrepresented and/or failed to disclose,
among other things: (1) that the Company's Chairman, Ming Zhao
("Zhao"), had transferred ownership/shares of SPCG to himself
through a series of transactions; (2) that Zhao had sold 49% of
SPCG; (3) that, as a result, Puda did not possess the ownership
interests in SPCG that the Company claimed to possess; (4) that the
Company lacked adequate internal and financial controls; and (5),
as a result of the foregoing, that the Company's statements were
materially false and misleading at all relevant times.
On March 16, 2011, an investor website published a research
report alleging that through a series of transactions beginning in
September 2009, Zhao improperly transferred SPCG to himself; in
July 2010 sold 49% of the interest in SPCG for RMB245 million
($37.1 million), and later pledged the remaining 51% interest in
the SPCG as collateral for a three year loan for RMB 2.5 billion
($379 million).
As a result of this news, the Company's shares declined $3.10
per share, or nearly 33%, to close on April 8, 2011, at $14.47 per
share, on unusually heavy trading volume. Trading of the
Company's shares was subsequently halted.
The Private Securities Litigation Reform Act of 1995 ("PSLRA")
requires the Court to appoint a "Lead Plaintiff" in this case. Any
person or group who suffered a loss as a result of purchasing Puda
securities between November 13, 2009, and April 11, 2011, may ask
the Court to be appointed as Lead Plaintiff, but must file a motion
no later than the June 13, 2011 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant
experience in prosecuting class actions, substantial expertise in
actions involving corporate fraud, and is representing Puda
shareholders in this litigation.
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 Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los
Angeles, California 90067, by telephone at (310) 201‑9150, Toll
Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy (310) 201-9150 or (888) 773-9224
Michael Goldberg
shareholders@glancylaw.com
www.glancylaw.com
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