NEW YORK, March 02, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the Eastern District of New York on behalf of all persons or entities that purchased Cemtrex, Inc. ("Cemtrex" or the "Company") (NASDAQ: CETX) securities between December 7, 2016 and February 21, 2017, inclusive (the "Class Period").
Investors who have incurred losses in shares of are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares within the class period and would like to assist with the litigation process, you may, no later than April 25, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
Cemtrex provides electronic manufacturing services of advanced electric system assemblies, instruments & emission monitors for industrial processes, and industrial air filtration & environmental control systems.
The filed Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) over $1 million has been paid to notorious stock promoters since late 2015; (2) the entity paying for the stock promotion was owned by Cemtrex's founder, Aron Govil, and based out of Cemtrex's corporate headquarters; (3) senior executives engaged in undisclosed insider selling; and (4) Cemtrex retained a foreign accounting firm with a history of fraudulent endeavors to conduct its financial audits. Consequently, Defendants' statements about Cemtrex's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis throughout the Class Period.
When the truth was disclosed to investors, the stock closed at $3.40 per share, down $1.72 per share, on usually high volume of over 8.2 million shares.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
