San Diego, CA -- (ReleaseWire) -- 01/14/2014 -- An investor, who purchased shares of Tri-Tech Holding, Inc. (NASDAQ:TRIT), filed a lawsuit in the U.S. District Court for Southern District of New York over alleged violations of Federal Securities Laws by Tri-Tech Holding, Inc. in connection with certain allegedly false and misleading statements made between March 26, 2012 and December 12, 2013.
If you purchased a significant amount of shares of Tri-Tech Holding, Inc. (NASDAQ:TRIT) between March 26, 2012 and December 12, 2013, and/or if you purchased NASDAQ:TRIT shares prior to 2012 and currently hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: February 18, 2014. NASDAQ:TRIT investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Tri-Tech Holding, Inc. (NASDAQ:TRIT) between March 26, 2012 and December 12, 2013, that Tri-Tech Holding, Inc. and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that defendants between March 26, 2012 and December 12, 2013 made allegedly false and misleading statements and/or allegedly failed to disclose that Tri-Tech Holding, Inc. lacked adequate disclosure and internal controls relating to Tri-Tech's control over its funds.
Tri-Tech Holding, Inc. reported that its annual Total Revenue declined from $85.87 million in 2011 to $72.63 million in 2012 and that its Net Income of $8.09 million in 2011 declined to a Net loss of $2.26 million in 2012.
Shares of Tri-Tech Holding, Inc. (NASDAQ:TRIT) declined from $13.96 per share in early 2011 to as low as $1.26 per share in July 2013.
Then on September 18, 2013, Tri-Tech Holding, Inc. announced changes to its senior management designed to address the business challenges the Company has recently faced. Among other things, Tri-Tech Holding, Inc. said that Gavin Cheng was being replaced as the Company’s Chief Executive Officer, but would remain a member of its Board of Directors. On December 11, 2013, Tri-Tech Holding, Inc. announced that on the same day the Board of Directors (“Board”) of Tri-Tech Holding Inc., with immediate effect, suspended the authority of Guang (Gavin) Cheng to act on behalf of Tri-Tech Holding Inc in his capacity as a member of the Tri-Tech Holding Inc’s Board and authorized Tri-Tech Holding Inc’s appropriate officers to remove Mr. Cheng from any and all positions in Tri-Tech Holding Inc’s subsidiaries and affiliates. Tri-Tech Holding, Inc. disclosed that Mr. Cheng was in fact terminated by unanimous consent of the Board on September 17, 2013 due to his violations of the Company’s internal policies and procedures regarding wire transfers.
Shares of Tri-Tech Holding, Inc. closed on December 12, 2013, at $1.44 per share.
Those who purchased shares of Tri-Tech Holding, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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