LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the securities of Longwei Petroleum Investment Holdings Limited (“Longwei Petroleum” of the “Company”) (NYSE MKT: LPH) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Longwei Petroleum were false and misleading concerning the Company’s business and financial performance.
Longwei Petroleum is a Shanxi, China-based energy company engaged in the wholesale distribution of finished petroleum products in the People’s Republic of China (the “PRC”). The Company’s oil and gas operations consist of transporting, storing and selling finished petroleum products, entirely in the PRC. The investigation concerns allegations in a January 3, 2013 report published by GEOInvesting.com alleging that Longwei Petroleum exaggerated the Company’s November 2012 sales figures for its fuel depot storage facilities in Taiyuan and in Gujiao, Shanxi, and, in addition, failed to disclose a $32 million investment in a tourism business made by Longwei Petroleum’s subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd.
If you purchased Longwei Petroleum securities prior to January 3, 2013, 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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