Glancy Binkow & Goldberg LLP announces that purchasers of the common stock of Longwei Petroleum Investment Holding Limited (“Longwei” or the “Company”) (NYSE MKT:LPH) between May 17, 2010 and January 3, 2013, inclusive (the “Class Period”), have until March 5, 2013 to file a motion with the Court to be appointed as lead plaintiff. The shareholder lawsuit was filed in the United States District Court for the Southern District of New York.
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 Petroleum’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 no later than March 5, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent Class member. To learn more about this action, or if you 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, 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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