NEW YORK, June 27, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Pingtan Marine Enterprise Ltd. ("Pingtan" or the "Company") (NASDAQ: PME) securities and certain of its officers, on behalf of a class who purchased Pingtan securities between August 8, 2016 through May 10, 2017, (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/pme.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that 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) consequently, Pingtan's public statements were materially false and misleading at all relevant times.
On May 10, 2017, Aurelius Value reported that Pingtan had concealed that it is banned from Indonesia and its involvement in, among other illegal activities, forced labor, illegal fishing, and human trafficking schemes. Following this news, Pingtan stock dropped $1.16 per share or over 28% to close at $2.95 on May 10, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/pme or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Pingtan you have until August 22, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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