May 24, 2011 (Business Wire) -- Harwood Feffer LLP announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Longtop Financial, Inc. ("Longtop" or the "Company") (NYSE: LFT) between June 29, 2009 and April 25, 2011, inclusive (the "Class Period").
Harwood Feffer LLP encourages investors who have losses in excess of $100,000 from investment in Longtop Financial, Inc. to inquire about the securities fraud class action lawsuit before the July 22, 2011 deadline.
No class has yet been certified in the above action. Class members will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 22, 2011 and be selected by the court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages to serve as a Lead Plaintiff. You may contact the Harwood Feffer LLP website (http://www.hfesq.com) or Peter W. Overs, Jr., directly, at povers@hfesq.com to ask any questions you may have in that regard.
The Complaint alleges violations of the federal securities laws against Longtop and its officers and directors for issuing materially false and misleading financial statements to investors. On May 17, 2011, trading in the Company's stock was halted by the SEC after the Company announced that it was postponing the announcement of its quarterly and annual financial results originally scheduled for May 23, 2011. On May 23, 2011, the Company disclosed that its Chief Financial Officer Derek Palaschuk and outside auditor, Deloitte Touche Tohmatsu Ltd. ("Deloitte"), had both resigned. In its resignation letter dated May 22, 2011, Deloitte identified matters that may materially impact the fairness and reliability of Longtop's quarterly and annual financial information for prior period financial reports and Deloitte declined to be associated with any of the Company's financial communications in 2010 and 2011.
Deloitte explained in its letter that it was resigning as the result of, among other things: (1) the recently identified falsity of the Company's financial records in relation to cash at bank and loan balances (and possibly sales revenue); (2) the deliberate interference by certain members of Longtop management in Deloitte's audit process; and (3) the unlawful detention of Deloitte's audit files. Deloitte further stated that it could no longer rely on management's representations in relation to prior period financial reports, and that continued reliance should no longer be placed on Deloitte's audit reports on the previous financial statements.
The Company also announced on May 23, 2011 that the SEC had opened an investigation of related matters.
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
If you purchased Longtop common stock during the Class Period, suffered a loss on those shares in excess of $100,000 and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Peter W. Overs, Jr., Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212) 935-7400
Email: rharwood@hfesq.com
povers@hfesq.com
Website: http://www.hfesq.com
Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Harwood Feffer LLP
Robert I. Harwood, Esq.
Peter W. Overs,
Jr., Esq.
877-935-7400
212-935-7400
rharwood@hfesq.com
povers@hfesq.com