NEW YORK, July 09, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired securities of China Auto Logistics Inc. (NASDAQ: CALI ) from March 28, 2017 through April 13, 2018, both dates inclusive (“Class Period”).
Investors who have incurred losses in shares of China Auto Logistics Inc. a re 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 incurred losses in the shares of China Auto Logistics Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than August 6, 2018 , request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in China Auto Logistics Inc.
According to the filed complaint, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- China Auto failed to maintain adequate internal controls over identifying and reporting certain relationships and related transactions; and
- as a result, defendants’ public statements were materially false and misleading at all relevant times.
On April 2, 2018, China Auto Logistics Inc. reported that it was unable to timely file its Annual Report on Form 10-K for the period ending December 31, 2017 because it needed extra time to “ identify certain related party transactions and the impact of such transactions for the preparation of the financial statements for the Form 10-K.” They also identified a material weakness in its internal controls over “ identifying and reporting certain relationships and related transactions.”
On this news, shares of China Auto Logistics Inc. fell over 19% to close at $2.79 on April 2, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP 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 Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com , kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
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