NEW YORK, Jan. 16, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Pingtan Marine Enterprise Ltd. ("Pingtan" or the "Company") (NASDAQ: PME) of the January 23, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Pingtan and certain executives of the Company.
A complaint has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased Pingtan common stock between May 14, 2013 and November 6, 2014 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Pingtan misrepresented and/or failed to disclose it had engaged in related party transactions.
On November 6, 2014, the Company announced that it would restate previously issued financial statements for the years ended December 31, 2012 and December 31, 2013, and for the quarters ended March 31, 2013, June 2013, March 31, 2014, and June 2014.
Following this news, the price of Pingtan's stock declined by $0.09 per share, or nearly 7%, to close on November 7, 2014 at $1.20 per share.
Request more information now by clicking here: www.faruqilaw.com/PME. There is no cost or obligation to you.
If you invested in Pingtan common stock or options between May 14, 2013 and November 6, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/PME. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Pingtan's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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