LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber announces it is investigating potential claims against Longwei Petroleum Investment Holding Limited (“Longwei” or the “Company”) (NYSEMKT:LPH) concerning possible violations of federal securities laws. The investigation is related to allegations that certain statements issued by Longwei were false and misleading concerning the Company’s financial performance.
“despite recent press releases touting record October and November sales.”
Longwei is a China-based energy company engaged in transporting, storing and selling finished petroleum products in the People’s Republic of China. The investigation is related to a January 3, 2012 report published on the Internet by GeoInvesting.com, which alleged that Longwei has exaggerated its true financial performance by claiming substantial product sales from fuel depot storage facilities that were either idled or showed minimal activity. According to the report, using time-lapse video of the Company’s Taiyuan and Gujiao facilities in Shanxi Province between October 26 and December 13, 2012, GeoInvesting.com observed a combined total of only five tanker trucks refueling during that period. The report concluded that Longwei exaggerated its Taiyuan and Gujiao facilities’ November 2012 sales, “despite recent press releases touting record October and November sales.” The report further alleged, based on a comparison of Longwei’s regulatory filings with Chinese authorities and the Company’s 2011-2012 filings with the Securities and Exchange Commission, the Company never disclosed a $32 million investment in a tourism business made by a Longwei subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd.
If you purchased Longwei common stock between May 17, 2010 and 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 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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