NEW YORK, March 22, 2017 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Cemtrex, Inc. securities (NASDAQ:CETX) from October 26, 2016 through February 22, 2017, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Cemtrex investors under the federal securities laws.
To join the Cemtrex class action, go to http://www.rosenlegal.com/cases-1059.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
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) Defendant Aron Govil’s role at Southern Steel & Construction Inc., which has been paying a notorious stock promoter, Small Cap Specialists, to promote Cemtrex’s stock; and (2) as a result, Defendants’ statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. On February 22, 2017, Seeking Alpha published an article asserting that over $1 million has been paid to notorious stock promoters to promote Cemtrex, and Cemtrex’s founder, Defendant Aron Govil, is secretly paying promoters behind imploded frauds like Forcefield Energy and Code Rebel via an undisclosed entity. On this news, shares of Cemtrex fell $1.72 per share or over 33.5% from its previous closing price to close at $3.40 per share on February 22, 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 April 25, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1059.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 pkim@rosenlegal.com or kchan@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.