A lawsuit was filed on behalf of investors in Lentuo International Inc (ADR) (NYSE:LAS) shares over alleged securities laws violations. Deadline: May 12, 2015. NYSE:LAS investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/18/2015 -- An investor, who purchased shares of Lentuo International Inc (ADR) (NYSE:LAS), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Lentuo International Inc in connection with certain allegedly false and misleading statements made between June 14, 2013 and March 9, 2015.
Investors who purchased shares of Lentuo International Inc (ADR) (NYSE:LAS) have certain options and for certain investors are short and strict deadlines running. Deadline: May 12, 2015. NYSE:LAS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Lentuo International Inc (ADR) (NYSE:LAS) common shares between June 14, 2013 and March 9, 2015, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between June 14, 2013 and March 9, 2015 Lentuo International Inc issued allegedly materially false and misleading statements to investors and/or allegedly failed to disclose that Beijing Lentuo Electromechanical Group Co., Ltd. ("Lentuo Electromechanical")—a related party of Lentuo International Inc —anticipated and issued RMB 250 million of debt in 2013 to finance the construction of 4S dealerships, that the consolidation of Lentuo Electromechanical into Lentuo International Inc's financial statement is required, that Lentuo International Inc did not have sufficient working capital for 2015, and that as a result of the foregoing, Lentuo International Inc's financial statements and results were materially false and misleading at all relevant times.
The plaintiff says that when the truth was revealed to investors, the price of Lentuo International Inc ADS fell, damaging investors.
Lentuo International Inc reported that its annual Total Revenue increased from $521.72 million in 2012 to $522.91 million in 2013 and that its Net Loss of $0.87 million in 2012 turned into a Net Income of $3.81 milion in 2013.
Shares of Lentuo International Inc (ADR) (NYSE:LAS) declined from $5.23 per share in March 2014 to $0.20 per shares on March 11, 2015.
On March 16, 2015, NYSE:LAS shares closed at $0.37 per share.
Those who purchased shares of Lentuo International Inc (ADR) (NYSE:LAS) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com