BERWYN, Pa., March 1, 2017 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the Eastern District of New York on behalf of all persons or entities that purchased Cemtrex, Inc. ("Cemtrex" or the "Company") (NASDAQ: CETX) securities between December 7, 2016 and February 21, 2017, inclusive (the "Class Period").
Cemtrex shareholders may, no later than April 25, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Cemtrex and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com.
Cemtrex provides electronic manufacturing services of advanced electric system assemblies, instruments & emission monitors for industrial processes, and industrial air filtration & environmental control systems. The Company is incorporated in Delaware and maintains its principal executive offices in Farmingdale, New York.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) over $1 million has been paid to notorious stock promoters since late 2015; (2) the entity paying for the stock promotion was owned by Defendant Aron Govil and based out of Cemtrex's corporate headquarters; (3) senior executives engaged in undisclosed insider selling; (4) the Company retained a foreign accounting firm with a history of fraudulent endeavors to conduct its financial audits; and (5) as a result of the foregoing, Defendants' statements about Cemtrex's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
If you are a member of the class, you may, no later than April 25, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at firstname.lastname@example.org or visit: www.maniskas.com. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website: www.maniskas.com.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE RM LAW, P.C.