BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of a class consisting of 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”).
“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.
No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased SinoHub securities during the Class Period, you have certain rights, and have until January 21, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.