|By PR Newswire||
|January 11, 2013 09:16 PM EST||
NEW YORK, Jan. 11, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Longwei Petroleum Investment Holding Limited ("Longwei" or the "Company") (NYSE-MKT: LPH).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) a material related party investment in a tourism business involving CEO Cai had taken place; (2) CEO Cai was a minority owner of Longwei's subsidiaries; and (3) Longwei's wholesale fuel sales have been vastly exaggerated.
On January 3, 2013, securities research blog Geoinvesting.com published a report revealing serious discrepancies between what Longwei had described as its business condition and the actual facts on the ground. Geoinvesting's public disclosure of fraud at Longwei caused Longwei's stock to fall more than 70% on January 3, 2013. Since the announcement, trading in Longwei stock has been halted.
Request more information now by clicking here: www.faruqilaw.com/LPH. There is no cost or obligation to you.
If you purchased Longwei stock or options between May 17, 2010 and January 3, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/LPH. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Longwei's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP
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