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If you purchased shares of Longwei Petroleum Investment Holding Limited (AMEX: LPH), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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May 22, 2017 - The court approved the settlement and entered the order approving in part and denying in part the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
June 23, 2016 - The court preliminarily approved the settlement.
November 3, 2015 - Parties filed a stipulation of settlement.
January 27, 2014 - The court denied defendants' motion to dismiss.
August 14, 2013 - Defendants filed a motion to dismiss.
July 8, 2013 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Longwei Petroleum Investment Holding Limited (AMEX: LPH) common shares between September 28, 2010 and January 3, 2013. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 28, 2010 and January 3, 2013.
May 15, 2013 - The additional filings were consolidated and lead plaintiffs and lead counsel were appointed.
March 4, 2013 - The plaintiff filed a notice of voluntary dismissal without prejudice as to all defendants.
January 4, 2013 - An investor in shares of Longwei Petroleum Investment Holding Limited (AMEX: LPH) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Longwei Petroleum Investment Holding Limited in connection with certain allegedly false and misleading statements made between May 17, 2010 and January 3, 2013.
According to the complaint the plaintiff alleges on behalf of all purchasers of common stock of Longwei Petroleum Investment Holding Limited (AMEX: LPH) between May 17, 2010 and January 3, 2013, that Longwei Petroleum Investment Holding Limited and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between May 17, 2010 and January 3, 2013 materially false and misleading financial information.
Longwei Petroleum Investment Holding Limited (AMEX: LPH) reported that its Total Revenue rose from $196.81 million for the 12 months period that ended on June 30, 2009 to $510.59 million for the 12 months period that ended on June 30, 2012 and its Net Income for the respective time periods increased from $21.78 million to $65.11 million.
Shares of Longwei Petroleum Investment Holding Limited (AMEX: LPH) grew from as low as $0.88 per share in September 2011 to as high as $2.78 per share in December 3, 2012.
Then on January 3, 2013, an investment analyst published a report alleging adverse facts and other red-flags of potential fraud.
Shares of Longwei Petroleum Investment Holding Limited (AMEX: LPH) dropped from $2.30 on Jan. 2, 2013 to $0.48 on Jan. 3, 2012.