LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber 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 a class (the “Class”) comprising all purchasers of the securities 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 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 are a member of the above-described Class, 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 any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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