Levi & Korsinsky Notifies Investors with Losses on their Investment in
Puda Coal, Inc. of Class Action Lawsuit
Levi & Korsinsky announces that a class action lawsuit has been commenced
in the United States District Court for the Southern District of New Y ork
on behalf of purchasers of Puda Coal, Inc. (NYSE: PUDA) who purchased
between November 13, 2009 and April 11, 2011.
New York, NY, April 18, 2011 -- Levi & Korsinsky announces that a class
action lawsuit has been commenced in the United States District Court for
the Southern District of New York on behalf of purchasers of Puda Coal,
Inc. (“Puda” or the “Company”) (NYSE: PUDA) who purchased between
November 13, 2009 and April 11, 2011 (the “Class Period”).
The complaint alleges that during the Class Period, Puda and certain of
its officers and executives violated the Securities Exchange Act of 1934.
In particular, the complaint alleges, among other claims that: (a) prior
to the Class Period, certain of the individual defendants fraudulently
transferred Puda’s ownership interest to defendant Ming Zhao; (b) the
Company was a shell company during the Class Period; and (c) Puda’s
financial statements were materially false and misleading.
On April 8, 2011, a report on an investment website alleged that Puda
failed to disclose certain Company transfers and questionable trading by
the Company’s chairman, Ming Zhao. On April 11, 2011, the Company’s Audit
Committee announced that “evidence supports the allegation that there
were transfers by Mr. Zhao in subsidiary ownership that were inconsistent
with disclosure made by the Company in its public securities filings.”
If you are a member of the class and suffered a loss in Puda stock, you
have until June 13, 2011 to request that the Court appoint you as lead
plaintiff. Your ability to share in any recovery is not affected by the
decision whether or not to serve as a lead plaintiff. To obtain
additional information about your rights, contact Joseph E. Levi, Esq.
either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or
Levi & Korsinsky has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial fraud
and represents investors throughout the nation, concentrating its
practice in securities and shareholder litigation. For more information,
please feel free to contact any of the attorneys listed below. Attorney
advertising. Prior results do not guarantee similar outcomes.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky,
Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363 -
7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com
Levi & Korsinsky, LLP
30 Broad St, 15th Floor
New York, NY 10004