LOS ANGELES, April 21, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of China Integrated Energy, Inc. ("China Integrated Energy" or the "Company") (Nasdaq:CBEH) between March 31, 2010 and March 16, 2011, inclusive (the "Class Period"), have until May 24, 2011 to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Levy v. China Integrated Energy, Inc., et al., No. 11-cv-02717-MRP, has been assigned to the Honorable Mariana R. Pfaelzer, United States District Judge for the Central District of California.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges China Integrated Energy and certain of the Company's executive officers with violations of federal securities laws. China Integrated Energy engages in the wholesale distribution of various oil products – including gasoline, diesel and naphtha – to retail service station distributors and directly to end users through its retail gas stations. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning the Company's financial performance, business prospects and financial condition were materially false and misleading.
On March 16, 2011, analyst firm Sinclair Upton Research issued a report alleging that China Integrated Energy concealed a host of transactions between the Company and its officers and directors that had the effect of funneling cash to these officers and directors. Citing Chinese State Administration for Industry and Commerce (SAIC) filings, the report stated that China Integrated Energy misrepresented its financial performance, business prospects and financial condition to investors, and claimed that the Company's chief executive officer had been funneling money to corporations owned by his son.
On this news, the Company's shares declined $0.95 per share, or more than 15%, and declined a further 24.6% the next day, March 17, 2011, to close at $3.77 per share.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing China Integrated Energy securities between March 31, 2010 and March 16, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the May 24, 2011 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing China Integrated Energy shareholders in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.