NEW YORK, Aug. 21, 2017 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Pingtan Marine Enterprise Ltd. (NASDAQ: PME) from August 8, 2016 through May 10, 2017, inclusive (the "Class Period") of the important August 22, 2017 lead plaintiff deadline in the first filed class action commenced by Rosen Law Firm. The lawsuit seeks to recover damages for Pingtan investors under the federal securities laws.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Pingtan is banned from Indonesia; (2) Pingtan has used investor capital to finance illegal activity; and (3) as a result, Pingtan's public statements were materially false and misleading at all relevant times. On May 10, 2017, Aurelius Value published a report on Pingtan asserting, among other things, that Pingtan is specifically banned from Indonesia and Pingtan financed widespread illegal activity with investor capital. On this news, shares of Pingtan fell $1.16 per share or over 28% to close at $2.95 per share on May 10, 2017, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 22, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1125.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.