Longwei Petroleum Investment Hold Ltd : Law Offices of Howard G. Smith Announces Investigation of Longwei Petroleum Investment Holdings Limited
01/07/2013| 05:35pm US/Eastern
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Law Offices of Howard G. Smith announces that it is investigating
potential claims against Longwei Petroleum Investment Holdings Limited
("Longwei" or the "Company") (NYSE MKT: LPH) concerning possible
violations of federal securities laws. Longwei is a China-based energy
company, situated in Shanxi Province and engaged in the wholesale
distribution of finished petroleum products in the People's Republic of
China (the "PRC"). The Company's oil and gas operations consist of
transporting, storing and selling finished petroleum products, entirely
in the PRC.
The investigation focuses on allegations that certain statements issued
by Longwei between May 17, 2010 and January 3, 2013 were false and
misleading concerning the Company's business, operations and financial
performance. Specifically, on January 3, 2013 a report published on the
Internet by GEOInvesting.com alleged that Longwei
exaggerated the November 2012 sales figures for the Company's fuel depot
storage facility in Taiyuan, Shanxi, and for a second facility in
Gujiao. The report alleges that the Company also failed to disclose a
$32 million investment in a tourism business made by its subsidiary,
Shanxi Zhonghe Energy Conversion Co., Ltd.
If you purchased Longwei securities between May 17, 2010 and January 3,
2013, if you have information or would like to learn more about these
claims, or if you wish to discuss these matters or have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Howard G. Smith, Esquire, of Law Offices
of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by
email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215)
638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
© Business Wire 2013
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