LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class (the “Class”) comprising all purchasers of the common stock of Longwei Petroleum Investment Holdings Limited (“Longwei” or the “Company”) (NYSE MKT: LPH) between May 17, 2010 and January 3, 2013, inclusive (the “Class Period”).
Longwei is a China-based energy company engaged in transporting, storing and selling finished petroleum products in the People’s Republic of China. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued materially false and misleading statements regarding the Company’s operations and financial performance. Specifically, the Complaint alleges that defendants misrepresented and/or failed to disclose: (1) a material related party investment in a tourism business involving the Company’s chief executive officer; (2) that the Company’s CEO was a minority owner of Longwei’s subsidiaries; and (3) that Longwei's wholesale fuel sales were vastly exaggerated.
On January 3, 2013 a report published on the Internet by GEOInvesting.com alleged that, among other things, Longwei exaggerated the November 2012 sales figures for the Company’s fuel depot storage facilities in Taiyuan and Gujiao, Shanxi, and that the Company also failed to disclose a $32 million investment in a tourism business made by its subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd.
If you are a member of the Class described above, you may move the Court, no later than March 5, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or 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 or 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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