LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the common stock of SinoHub, Inc. (“SinoHub” or the “Company”) (OTC Markets:SIHI) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by SinoHub between May 17, 2010 and August 21, 2012 were false and misleading concerning the Company’s financial performance and prospects.
“because of a delay in retrieving information requested by our auditors to confirm prior period sales associated with our electronic component sales (ECP) business.”
SinoHub, together with its subsidiaries, operates as an electronics company worldwide offering electronic component sales and services. The investigation is related to allegations that the Company failed to implement and maintain adequate internal controls over financial reporting, resulting in the use of improper accounting procedures and the overstatement of the Company's financial performance and prospects.
On August 21, 2012 SinoHub issued a press release announcing that it was unable to file its quarterly report on Form 10-Q for the quarter ended June 30, 2012 within the five day extended period afforded to it pursuant to a Notification of Late Filing on Form 12b-25 that the Company filed with the Securities and Exchange Commission on August 14, 2012. According to the Company, it was unable to timely file its quarterly report “because of a delay in retrieving information requested by our auditors to confirm prior period sales associated with our electronic component sales (ECP) business.” In addition, the Company released preliminary financial results for the quarter ended June 30, 2012 showing a net loss of $2.7 million for the quarter.
If you purchased SinoHub common stock between May 17, 2010 and August 21, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement 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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