A law firm recently announced that it filed a securities class action lawsuit against a fertilizer manufacturer due to potential securities law violations.
Wolf Haldenstein Adler Freeman and Herz, LLP, noted that the litigation was filed in the U.S. District Court for the Central District of California, against the leaders of China Agritech, Inc. This includes all shareholders who acquired stock in the company during the class period between Nov. 12, 2009 and March 11, 2011.
The law office noted that the lawsuit was filed due to allegations that the company's leaders violated the Securities Exchange Act of 1934, specifically Sections 10(b), 20(a) and Rule 10b-5. The company allegedly made a number of statements that were either false or misleading related to its financial performance, and the leaders also sent financial records to the U.S. Securities and Exchange Commission that were different from what they provided authorities in China.
Shareholders who are interested in becoming lead plaintiff need to file all necessary paperwork with the court by Sept. 3, 2014. This position is not mandatory, and shareholders still have the option to remain absent class members and still collect in the event of a financial return. Any individuals who apply for the position will need to be approved by the court, as the lead plaintiff role must adequately represent those in the class.
Those who are looking to learn more about the case have the ability to speak with the law office and raise any related questions. The best options to contact the law firm are through telephone or email. Any shareholders who send an email need to specify that they are speaking about the China Agritech litigation. Additional information is available on the law office's website.
Another investigation begins
A separate law office noted that it is looking into the claims against China Agritech, and there is a possibility that a class action lawsuit will occur through this process, as well.
The Rosen Law Firm explained that it started investigating potentially inaccurate statements against China Agritech due to its financial statement track record during the period between Feb. 8, 2010 and Feb. 3, 2011.
It is also an option for shareholders to discuss matters with this law office. Both Laurence Rosen and Phillip Kim are available to be reached by telephone or email.