NEW YORK, Jan. 10, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who acquired Longwei Petroleum Investment Holding Limited ("Longwei" or "the Company") (NYSE:LPH) stock between May 17, 2010 and January 3, 2013.
For more information, click here: http://zlk.9nl.com/longwei-petroleum-investment-lph/.
The complaint alleges that the Company: (a) exaggerated its November 2012 sales figures for its fuel depot storage facilities in Taiyuan and Gujiao, Shanxi; (b) failed to disclose a $32 million investment in a tourism business made by Longwei's subsidiary, Shanxi Zhinghe Energy Conversion Co., Ltd.; and (c) that as a result of the foregoing, the Company's statements regarding its business, operations and financial performance were materially false and misleading, and resulted in the Company's stock trading at artificially inflated prices during the Class Period.
On January 3, 2013 a report published by GEOInvesting.com noted these and other allegations of public disclosure fraud. Upon release of these allegations, shares of Longwei stock fell more than 70 percent.
If you suffered a loss in Longwei you have until March 5, 2013to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/longwei-petroleum-investment-lph/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP