NEW YORK, July 19, 2011 (GLOBE NEWSWIRE) — Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of AutoChina International Limited (“AutoChina” or the “Company”) who purchased AutoChina shares between October 15, 2009 and July 13, 2011. Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 350.
AutoChina is China’s largest commercial vehicle sales, servicing, leasing, and support network. The investigation concerns, among other things, whether the Company and certain of its officers and directors have violated securities laws.
On June 30, 2011, AutoChina announced that it was being investigated by the U.S. Securities and Exchange Commission (“SEC”), and that it expected to be restating its previously issued financial statements for the year ended December 31, 2009, as well as subsequent periods to recognize a derivative liability relating to the “Earn-out Share Forfeiture Provision.” The Company also disclosed that it had identified a material weakness in its internal control over financial reporting as of December 31, 2010.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle
Pomerantz Haudek Grossman & Gross LLP
888-476-6529
rrboyle@pomlaw.com
http://bit.ly/oZNRdX
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