NEW YORK, May 9, 2015 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors of the imminent lead plaintiff deadline in the class action lawsuit pending in the United States District Court for the Central District of California on behalf of purchasers of Lentuo International Inc. (“Lentuo” or the “Company”) (NYSE:LAS). Investors who wish to become proactively involved in the litigation have until May 12, 2015 to seek appointment as lead plaintiff.
The investigation focuses on whether the Company and its executives violated federal securities laws by issuance of certain statements.
On May 28, 2014, the website www.SeekingAlpha.com (“Seeking Alpha”) published an article revealing that Lentuo had failed to disclose that a related Chinese entity owned by its chairman incurred 250 RMB in secured debt. Then, on June 2, 2014, Seeking Alpha published a follow-up article accusing Lentuo of failing to adequately respond to its allegations. Following this, Lentuo shares declined by $0.34, or more than 9%, to close at $3.15 per share on June 5, 2014.
On March 10, 2015, Beijing Business Today revealed that Lentuo’s business operations are in trouble, causing the Company to partially shut down all of its 4S stores. On this news, $0.04 per share, or more than 6%, to close at $0.55 per share on March 10, 2015.
Request more information now by clicking here: www.faruqilaw.com/LAS. There is no cost or obligation to you.
If you invested in Lentuo stock or options through March 10, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/LAS. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Lentuo’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Source:Faruqi & Faruqi LLP