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Hongli Clean Energy Technologies Corp (NASDAQ:CETC) Investor Securities Class Action Lawsuit 05/08/2017

  • If you purchased shares of Hongli Clean Energy Technologies Corp (NASDAQ:CETC), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Hongli Clean Energy Technologies Corp
Security
NASDAQ: CETC

Case Name
Hongli Clean Energy Technologies Shareholder Class Action Lawsuit 05/08/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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Class Period End
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Summary

June 3, 2019 - The case was voluntarily dismissed.

May 8, 2017 (Shareholders Foundation) - An investor in shares of Hongli Clean Energy Technologies Corp (NASDAQ:CETC) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Hongli Clean Energy Technologies Corp in connection with certain allegedly false and misleading statements made between October 13, 2015 through April 7, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Hongli Clean Energy Technologies Corp (NASDAQ:CETC) common shares between October 13, 2015 through April 7, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between October 13, 2015 through April 7, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Hongli Clean Energy Technologies Corp did not properly record the impairment of its assets, and that as a result, Hongli Clean Energy Technologies Corp’s public statements were materially false and misleading at all relevant times.

China based Hongli Clean Energy Technologies Corp., formerly SinoCoking Coal and Coke Chemical Industries, Inc., is an energy production company.

Hongli Clean Energy Technologies Corp reported that its Total Revenue declined from $50.27 million for the 12 months period that ended on June 30, 2014 to $45.61 million for the 12 months period that ended on June 30, 2015 and that its Net Income of $0.99 million for the 12 months period that ended on June 30, 20154 declined to a Net Loss of $3.46 million for the 12 months period that ended on June 30, 2015.

On April 7, 2017, Nasdaq halted the trading of Hongli Clean Energy Technologies Corp’s securities, effective 12:15pm on April 10, 2017, for “additional information requested” from Hongli Clean Energy Technologies Corp .
On April 21, 2017, Hongli Clean Energy Technologies Corp disclosed that it had dismissed KSP Group, Inc. (“KSP”) as its independent auditor and stated that KSP had no disagreements with Hongli as to its accounting practices.
On April 26, 2017, Hongli Clean Energy Technologies Corp disclosed that KSP believed a disagreement really did exist at the time Hongli dismissed it. KSP had disagreed with the timing and manner in which Hongli valued a substantial amount of assets on its balance sheet.