NEW YORK, June 20, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Lihua International, Inc. ("Lihua" or the "Company") (NASDAQ: LIWA) of the June 30, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Lihua and certain executives.
A complaint has been filed on behalf of all persons who purchased Lihua common stock between August 9, 2012 and April 30, 2014, inclusive (the "Class Period") in the Central District of California.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company underwent a significant downturn in its business beginning in late 2012; (ii) the production activities of Lihua decreased in 2013 and nearly stopped after January 31, 2014; (iii) the Company's warehouse was seized by a court in the People's Republic of China; and (iv) one of the defendants is being investigated by Chinese police for larceny after attempting to move inventory.
On April 30, 2014, GeoInvesting published a blog post revealing information from a March 28, 2014 People's Daily news article containing the foregoing allegations.
Following this news, the Company's stock declined $2.27 per share, or over 52%, to close at $2.08 per share on April 30, 2014. Trading in Lihua's stock was halted by the SEC shortly afterwards.
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Take Action
If you invested in Lihua stock or options between August 9, 2012 and April 30, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/LIWA. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Lihua's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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