LOS ANGELES, Feb. 23, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, representing investors of Longwei Petroleum Investment Holding Limited ("Longwei" or the "Company") (NYSE MKT:LPH), has filed a shareholder lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all persons or entities who purchased Longwei common stock between May 17, 2010 and January 3, 2013, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit and have until March 5, 2013 to file a motion with the Court to be appointed as lead plaintiff.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, or by email at email@example.com.
Longwei is a China-based energy company engaged in transporting, storing and selling finished petroleum products in the People's Republic of China. The Complaint alleges that throughout the Class Period defendants issued materially false and misleading statements regarding the Company's operations and financial performance. Specifically, defendants misrepresented and/or failed to disclose that: (a) the Company exaggerated its November 2012 sales figures for its fuel depot storage facilities in Taiyuan, Shanxi Province, and in Gujiao; (b) defendants failed to disclose a $32 million investment in a tourism business made by Longwei's subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd.; and (c) as a result of the foregoing, the Company's statements concerning its operations and financial performance were materially false and misleading at all relevant times.
If you purchased Longwei common stock between May 17, 2010 and January 3, 2013, you may move the Court to serve as lead plaintiff no later than March 5, 2013; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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Source:Glancy Binkow & Goldberg LLP