NEW YORK, Aug. 2, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Subaye, Inc. ("Subaye" or the "Company") (OTCBB:SBAY), during the period between December 29, 2009 and April 7, 2011, inclusive (the "Class Period").
The Complaint alleges that DNTW Chartered Accountants, LLP ("DNTW"), Subaye's auditor, falsely issued clean audit reports for Subaye's 2009 and 2010 10-Ks that stated that DNTW conducted its audits of Subaye in accordance with PCAOB standards. The SEC filed a civil action against Subaye and others in May of 2013 for fraud, saying that the Company misled investors about its financial prospects and revenue.
If you wish to serve as lead plaintiff, you must move the Court no later than September 3, 2013. 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 firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston