| 03-24-2011 09:02 AM CET - Business, Economy, Finances, Banking & Insurance |
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The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Securities Laws Violations by CAAS
Press release from: Levi & Korsinsky, LLP
Levi & Korsinsky is investigating potential claims on behalf of purchasers of the securities of China Automotive Systems, Inc. (“China Automotive” or the “Company”) (Nasdaq: CAAS) concerning possible violations of federal securities laws.
New York, NY, March 24, 2011 -- Levi & Korsinsky is investigating potential claims on behalf of purchasers of the securities of China Automotive Systems, Inc. (“China Automotive” or the “Company”) (Nasdaq: CAAS) concerning possible violations of federal securities laws.
On March 12, 2011, the audit committee of the board of directors of the Company stated that the previously issued financial statements for the fiscal year ended December 31, 2009, and related auditors' report, and unaudited interim consolidated financial statements for the quarterly periods ended March 31, June 30 and September 30, 2010, should no longer be relied upon. On March 17, 2011, China Automotive announced it expected to restate its financial statements for the 2009 fiscal year and three quarters of the 2010 fiscal year due to errors in accounting related to the Company’s convertible notes issued on February 15, 2008. Due to the delay in filing, the NASDAQ Stock Market has notified the Company of their failure to comply with NASDAQ’S continued listing requirements, which requires that Company’s file quarterly reports with the SEC in a timely fashion. China Automotive has until May 16 to inform NASDAQ of its plan to regain compliance. After the news of the impending restatement, shares of China Automotive dropped from a close of $10.23 on March 15, 2011 to an intraday low of $7.56 on March 23, 2011.
If you own China Automotive stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit www.zlk.com/china-automotive-systems-caas.html.
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
Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St., 15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
www.zlk.com
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
Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St., 15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
www.zlk.com
This release was published on openPR.
New York, NY, March 24, 2011 -- Levi & Korsinsky is investigating potential claims on behalf of purchasers of the securities of China Automotive Systems, Inc. (“China Automotive” or the “Company”) (Nasdaq: CAAS) concerning possible violations of federal securities laws.
On March 12, 2011, the audit committee of the board of directors of the Company stated that the previously issued financial statements for the fiscal year ended December 31, 2009, and related auditors' report, and unaudited interim consolidated financial statements for the quarterly periods ended March 31, June 30 and September 30, 2010, should no longer be relied upon. On March 17, 2011, China Automotive announced it expected to restate its financial statements for the 2009 fiscal year and three quarters of the 2010 fiscal year due to errors in accounting related to the Company’s convertible notes issued on February 15, 2008. Due to the delay in filing, the NASDAQ Stock Market has notified the Company of their failure to comply with NASDAQ’S continued listing requirements, which requires that Company’s file quarterly reports with the SEC in a timely fashion. China Automotive has until May 16 to inform NASDAQ of its plan to regain compliance. After the news of the impending restatement, shares of China Automotive dropped from a close of $10.23 on March 15, 2011 to an intraday low of $7.56 on March 23, 2011.
If you own China Automotive stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit www.zlk.com/china-automotive-systems-caas.html.
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
Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St., 15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
www.zlk.com
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
Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St., 15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
www.zlk.com
This release was published on openPR.
News-ID: 167949
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