NEW YORK, July 12, 2011 (GLOBE NEWSWIRE) -- Class action lawsuits were filed in the United States District Courts for the Central District of California and the Southern District of New York, on behalf of those who purchased American Depositary Shares ("ADSs") of Longtop Financial Technologies Limited ("Longtop" or the "Company"). The longest class period alleged among the actions runs from October 24, 2007, to May 17, 2011 (the "Class Period"). The actions allege violations of the Securities Exchange Act of 1934.
Longtop ADSs fell more than 30% in two days after a report published by Citron Research on April 26, 2011, accused Longtop of accounting fraud and the nondisclosure of related party transactions. On May 17, 2011, trading of Longtop was halted and, on May 23, 2011, Longtop announced (1) the resignation of its outside auditor; (2) the resignation of its CFO; (3) an SEC inquiry; and (4) the commencement of an independent investigation.
If you purchased Longtop ADSs during the Class Period you may, no later than July 22, 2011, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members, and the ability to adequately represent the class. Your share in any recovery will not be enhanced or diminished by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaints in these actions were not filed by Milberg.
Milberg LLP has been representing individual and institutional investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions regarding this matter, please contact the following attorney:
| Andrei V. Rado, Esq. |
| Milberg LLP |
| One Pennsylvania Plaza, 49th Fl. |
| New York, NY 10119-0165 |
| Phone number: (800) 320-5081 |
| Email: contactus@milberg.com |
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.