NEW YORK, July 26, 2010 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") reminds investors that a class action lawsuit was filed in the United States District Court for the Southern District of New York against China North East Petroleum Holdings Ltd. ("China North") (AMEX:NEP), and certain of its top officials. The class action (Civil Action No.:10-cv-4775) was filed on behalf of purchasers of China North securities between August 14, 2009 and May 26, 2010, both dates inclusive (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder.
On May 25, 2010, the Company was delisted from the NYSE AMEX. Thereafter, on May 27, 2010, the Company disclosed the resignation of the Company's Chairman of the Board, CFO, a director, and the placement of the CEO on administrative leave due to preliminarily findings that in 2009, unauthorized cash transfers occurred between the bank accounts of the Company and its subsidiaries and the personal bank accounts of the Company's CEO and a director who is also the mother of the CEO.
If you are a shareholder who purchased the securities of China North during the Class Period, you have until August 10, 2010 to ask the Court to appoint you as lead plaintiff for the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not affected by your decision whether or not to serve as lead plaintiff. Shareholders outside the United States may join the action, regardless of where they live or which exchange was used to purchase the securities. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Nicola Brown at 888-476-6529 toll free or emailing info@Pomlaw.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and Burlingame, California, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.