NEW YORK, May 2, 2014 (GLOBE NEWSWIRE) -- The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed on behalf of purchasers of Lihua International, Inc. (Nasdaq:LIWA) common stock during the period from August 9, 2012 through April 30, 2014, inclusive, seeking to recover damages for violations of the federal securities laws in the Central District of California.
The lawsuit asserts violations of the federal securities laws against Lihua and certain of its officers and directors for issuing false and misleading statements about the Company's business and financial condition. The Complaint alleges, among other things, that: (1) Lihua's business experienced a significant downturn starting from late 2012; (2) Lihua's production activities slowed down dramatically in 2013, and have almost ceased after January 31, 2014; (3) Lihua's warehouse has been seized by the local court; and (4) Defendant Jianhua Zhu, Lihua's Chairman and CEO, attempted to move inventory in order to hide them from creditors, and is now being investigated by the police for larceny.
Upon disclosure of this situation in a news article, the stock was halted for trading and remains halted at the present time. Last trade prior to the halt was $4.35 per share and the NASDAQ Market indicates a last print at $2.08 per share on April 30, 2014.
If you wish to serve as lead plaintiff, you must move the Court no later than June 30, 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 either Gregory Stone (firstname.lastname@example.org) or Patrick Donovan (Donovan@whafh.com).
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in Federal and State courts. Please visit the firm's website at http://www.whafh.com for additional information regarding the firm.
Gregory Stone or Patrick Donovan, Esq.
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016
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Source:Wolf Haldenstein Adler Freeman & Herz LLP