Rosen Law Firm Files Class Action Charging Keyuan Petrochemicals, Inc.'s Former Auditor Patrizio & Zhao LLC With Securities Fraud

NEW YORK, Feb. 4, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced that it has filed a class action lawsuit on behalf of investors who purchased: (a) common stock of Keyuan Petrochemicals, Inc. (OTC: KEYP) during the period from August 16, 2010 through October 7, 2011, or (b) Keyuan Units pursuant to a confidential private offering memorandum dated March 22, 2010, comprised of a first tranche that closed on April 22, 2010 and a second tranche that closed on May 18, 2010 (the "Private Placement"). Plaintiff seeks remedies under the federal securities laws against Keyuan's former auditor Patrizio & Zhao LLC ("P&Z") and certain of its partners.

To join the Keyuan class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free, at 866-767-3653; you may also email at pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The case is pending in the U.S. District Court for the District of New Jersey.

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 ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, P&Z issued materially misleading "clean" audit and review opinions for Keyuan's financial statements during the class period. The suit asserts that P&Z knew there were material undisclosed related party transactions that were not disclosed in those same financial statements that P&Z audited and/or reviewed. When the true facts became known, the suit claims that Keyuan investors lost nearly the entire value of their investment.

If you wish to serve as lead plaintiff, you must move the Court no later than April 7, 2014. 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 Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.comor kchan@rosenlegal.com. You may also visit the firm's website at http://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. Kevin Chan, Esq. The Rosen Law Firm P.A. 275 Madison Avenue 34th Floor New York, New York 10016 Tel: (212) 686-1060 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com kchan@rosenlegal.com www.rosenlegal.comSource: The Rosen Law Firm PA PC