LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that all purchasers of the common stock of SinoHub, Inc. (“SinoHub” or the “Company”) (OTC Markets:SIHI) between May 17, 2010 and August 21, 2012, inclusive (the “Class Period”) have until January 22, 2013 to file a motion with the Court to be appointed as lead plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Western District of Washington.
“because of a delay in retrieving information requested by our auditors to confirm prior period sales associated with our electronic component sales business.”
SinoHub, together with its subsidiaries, operates as an electronics company worldwide offering electronic component sales and services. The Complaint alleges 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 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, you may move the Court no later than January 22, 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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