LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber announces that shareholders of Longwei Petroleum Investment Holding Limited (“Longwei” or the “Company”) (NYSE MKT:LPH) have until March 5, 2013 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Southern District of New York. The lawsuit was filed on behalf of a class (the “Class”) comprising all purchasers of Longwei common stock 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 defendants issued materially false and misleading statements regarding the Company’s operations and financial performance. Specifically, defendants misrepresented and/or failed to disclose that: (a) the Company exaggerated its November 2012 sales figures for its fuel depot storage facilities in Taiyuan, Shanxi Province, and in Gujiao; (b) defendants failed to disclose a $32 million investment in a tourism business made by Longwei Petroleum’s subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd.; and (c) as a result of the foregoing, the Company’s statements concerning its operations and financial performance were materially false and misleading at all relevant times.
If you are a member of the above-described Class, you may move the Court no later than March 5, 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. You may retain counsel of your choice or take no action and remain an absent Class member. 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 Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to email@example.com.
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