NEW YORK, Jan. 19, 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: 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.
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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@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Longwei's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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