Shareholder Class Action Filed Against China Energy Savings Technology, Inc. by the Law Firm of Schiffrin & Barroway, LLP
10 Maggio 2006 - 2:00AM
PR Newswire (US)
RADNOR, Pa., May 9 /PRNewswire/ -- The following statement was
issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the
United States District Court for the Southern District of New York
on behalf of all securities purchasers of China Energy Savings
Technology, Inc. (NASDAQ:CESV) ("China Energy" or the "Company")
between April 21, 2005 and February 15, 2006, inclusive (the "Class
Period"). 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 Schiffrin & Barroway, LLP (Darren
J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free at
1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint
charges China Energy and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. More
specifically, the Complaint alleges that the Company failed to
disclose and misrepresented the following material adverse facts
which were known to defendants or recklessly disregarded by them:
(1) that defendants allowed Company insiders to self-deal in the
Company's January 2006 private placement; (2) that China Energy
failed to comply with SEC rules regarding limitations on sales of
restricted stock; and (3) that as a result of this failure to
comply with SEC rules, trading of China Energy's stock would be
halted by NASDAQ. On April 20, 2005, China Energy announced that
the Company's stock would begin trading on NASDAQ on April 21,
2005. Shares of the Company's common stock would continue trading
under the ticker symbol "CESV." The listing application was
approved by NASDAQ on April 13, 2005. On February 15, 2006, NASDAQ
announced that trading in shares of China Energy was halted at 3:30
p.m., EST, for "additional information requested" from the Company
at a last price of $6.82. On March 22, 2006, China Energy announced
that NASDAQ's request for information involved the facts and
circumstances regarding the underlying transactions related to the
rescission of certain Rule 144 legal opinions by the Company's
prior securities counsel who resigned in February 2006, as well as
certain other matters related to the Company's issuance of
securities. The Company reported that it retained new securities
counsel and was cooperating with NASDAQ in an effort to resolve any
questions or issues raised by NASDAQ in order to resume trading as
soon as possible. As of the date of filing of the Complaint, China
Energy stock is still halted from trading. No indication has been
given as to when, if ever, the Company's stock will resume trading.
Plaintiff seeks to recover damages on behalf of class members and
is represented by the law firm of Schiffrin & Barroway, which
prosecutes class actions in both state and federal courts
throughout the country. Schiffrin & Barroway is a driving force
behind corporate governance reform, and has recovered billions of
dollars on behalf of institutional and individual investors from
the United States and around the world. For more information about
Schiffrin & Barroway, or to sign up to participate in this
action online, please visit http://www.sbclasslaw.com/. If you are
a member of the class described above, you may, not later than June
30, 2006, move the Court to serve as lead plaintiff of the class,
if you so choose. A lead plaintiff is a representative party that
acts on behalf of other class members in directing the litigation.
In order to be appointed lead plaintiff, the Court must determine
that the class member's claim is typical of the claims of other
class members, and that the class member will adequately represent
the class. Under certain circumstances, one or more class members
may together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your counsel
in this action. CONTACT: Schiffrin & Barroway, LLP Darren J.
Check, Esq. Richard A. Maniskas, Esq. 280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by
e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Darren
J. Check, Esq., or Richard A. Maniskas, Esq., Schiffrin &
Barroway, LLP, +1-888-299-7706, or +1-610-667-7706, or Web site:
http://www.sbclasslaw.com/
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