IRVINE, Calif., May 16, 2017 /PRNewswire/ -- Khang & Khang LLP (the "Firm") announces the filing of a class action lawsuit against Hongli Clean Energy Technologies Corp. ("Hongli" or the "Company") (Other OTC: CETC) (NASDAQ: CETC). Investors who purchased or otherwise acquired shares between October 13, 2015 and April 7, 2017, inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the July 7, 2017 lead plaintiff motion deadline.
If you purchased Hongli shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at email@example.com.
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
The Complaint alleges that throughout the Class Period, Hongli made false and/or misleading statements and/or failed to disclose that the Company did not properly record the impairment of its assets; and thus, its public statements were materially false and misleading at all relevant times. On April 7, 2017, Nasdaq stopped trading Hongli's securities, effective 12:15 p.m. on April 10, 2017, for "additional information requested" from the Company. On April 21, 2017, Hongli revealed that it dismissed KSP Group, Inc. ("KSP") as its independent auditor and stated that KSP had no disagreements with Hongli as to its accounting practices. On April 26, 2017, Hongli disclosed that KSP believed a disagreement did exist at the time Hongli dismissed it. KSP disagreed with the timing and manner in which Hongli valued a substantial amount of assets on its balance sheet. Upon release of this news, Hongli shares fell in value, which caused investors harm according to the Complaint.
If you wish to learn more about this lawsuit, or if you have questions about this notice or your rights, please contact Joon M. Khang, Esq., a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at firstname.lastname@example.org.
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Joon M. Khang, Esq.
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SOURCE Khang & Khang LLP