NEW YORK, May 27, 2011 (GLOBE NEWSWIRE) — On the heels of the Rosen Law Firm’s filing of the first securities fraud class action against Longtop Financial (“Longtop”) (NYSE:LFT), the firm announced today that it has amended the initial lawsuit to include purchasers of Longtop’s common stock between June 29, 2009 and May 17, 2011, inclusive (the “Class Period”).
To join the Longtop class action, visit the firm’s website at http://ping.fm/rRKZa, or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email or pkim@rosenlegal.com for information on the class action. The case filed by the Rosen Law Firm is pending in the U.S. District Court for the Central District of California.
“Our investigation of Longtop and related parties continues in connection with the class action,” said Rosen attorney Phillip Kim.�”With Chinese trained attorneys on staff and professional resources available in mainland China, and the firm’s collective experience representing institutional and individual investors in class actions against China-based companies, we are committed to provide our clients vigorous and efficient representation in this and in other matters,” added Kim.
The Amended Complaint asserts violations of the federal securities laws against Longtop and its officers and directors for misrepresenting the true financial condition of the Company and failing to disclose material related party transactions during the Class Period. �On May 17, 2011 a trading halt was instituted on Longtop’s common stock.�On May 23, 2011 Longtop issued a press release announcing, among other things, (1) the resignation of its auditor, Deloitte Touche Tohmatsu CPA Ltd. (“DTT”); (2) the resignation of Longtop’s Chief Financial Officers; (3) the initiation of an SEC inquiry; (4) and the initiation of an independent investigation.�According to the announcement, DTT was resigning because of “(1) the recently identified falsity of the Company’s financial records in relation to cash at bank and loan balances (and possibly in sales revenue); (2) the deliberate interference by certain members of Longtop management in DTT’s audit process; and (3) the unlawful detention of DTT’s audit files.”�
DTT also stated that it “was no longer able to rely on management’s representations in relation to prior period financial reports, that continued reliance should no longer be placed on DTT’s audit reports on the previous financial statements, and DTT declined to be associated with any of the Company’s financial communications in 2010 and 2011.”
If you wish to serve as lead plaintiff, you must move the Court no later than July 22, 2011. �A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.�If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com.�You may also visit the firm’s website at http://ping.fm/vybwI.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
www.rosenlegal.com
http://bit.ly/lGxGA2
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