STEVENSON, Md., Jan. 9, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of China North East Petroleum Holdings Limited ("CNEP" or the "Company") (OTCBB:CNEP.OB) common stock during the period between January 1, 2010 and April 4, 2013, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until March 2, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in CNEP common stock purchased on or after January 1, 2010 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants, Baker Tilly Hong Kong Limited ("Baker Tilly") and certain of its directors, of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that Baker Tilly fraudulently issued clean audit reports for CNEP's financial statements for 2009. According to the complaint, the value of CNEP shares declined significantly following several disclosures: (1) the February 23, 2010 announcement that the Company would have to revise its previously issued financial statements for 2008 and 2009; (2) the April 15, 2010 disclosure that the Company was delaying the filing of its year ending December 31, 2009 annual report; (3) the April 16, 2010 announcement that the Company's shares were facing delisting by NYSE AMEX and that an internal investigation had uncovered certain potential internal control deficiencies over financial reporting in connection with certain expenditures relating to business development activities and the accounting treatment of certain of the Company's accounts payable; (4) the May 23, 2010 resignation of Company CEO Wang as the Company's Board Chairman and his mother as a director, the May 27, 2010 announcement of the resignation of the Company's CFO and the May 25, 2010 halt in the trading of the Company's shares on the NYSE AMEX; (5) the August 8, 2010 resignation of the Company's audit committee chairman; the September 3, 2010 filing of Form 10-K for the year ending December 31, 2009; (6) the halt in trading of the Company's shares on March 1, 2012; and (7) the revocation by the SEC of the Company's registration on April 5, 2013.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.