Thursday, 8 Sep 2011 09:51pm EDT
Sinotech Energy Ltd announced that Glancy Binkow & Goldberg LLP announced a class action lawsuit has been filed against SinoTech Energy Limited in the United States District Court for the Southern District of New York on behalf of a class consisting of all purchasers of the American Depositary Shares (ADSs) of SinoTech pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with the Company’s initial public offering (the IPO) on November 3, 2010, including open-market purchasers of SinoTech ADSs between November 3, 2010 and August 16, 2011, inclusive. The Complaint charges SinoTech, certain of the Company’s current and former executive officers and directors, and the underwriters of its IPO with violations of the Securities Act of 1933. SinoTech provides enhanced oil recovery services to oil companies in the People's Republic of China. The Complaint alleges that certain representations made in the Company’s Registration Statement and Prospectus issued in connection with the IPO were materially inaccurate. Specifically, the Complaint alleges that the Company’s reported sales and revenues were materially inaccurate, because the nature, size and scope of the Company’s business was materially exaggerated.
 

Source:reuters