NEW YORK, Nov. 26, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California, on behalf of all persons who purchased or otherwise acquired Pingtan Marine Enterprise Ltd. ("Pingtan" or the "Company") (Nasdaq:PME) securities during the period between May 14, 2013 and November 6, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that during the Class Period, the Company failed to adequately disclose the true nature of material related party transactions that rendered its financial statements materially false and misleading. On November 6, 2014, the Company announced that it will restate its previously issued annual financial statements for the years ended December 31, 2013 and 2012, and for the quarters ended March 31, 2014 and 2013, and June 2014 and 2013. The Company revealed the restatements will primarily reflect 20 fishing vessels leased from a related party, clarifications to certain disclosures, and other miscellaneous adjustments.
If you wish to serve as lead plaintiff, you must move the Court no later than January 23, 2015. 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 Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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Source:Gainey McKenna& Egleston