LOS ANGELES, June 14, 2006 (PRIMEZONE) -- Glancy Binkow & Goldberg LLP -- representing shareholders of China Energy Savings Technology, Inc. -- announces 16 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of China Energy Savings Technology, Inc. ("CESV" or the "Company") (Other OTC:CESV) between April 21, 2005 and February 15, 2006, inclusive (the "Class Period"), may move the Court not later than June 30, 2006, to serve as lead plaintiff; however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges CESV and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning CESV caused the Company's stock price to become artificially inflated, inflicting damages on investors. China Energy is a Nevada corporation which maintains its principal office in Wanchai, Hong Kong. The Company develops, manufactures and sells energy saving products for use in commercial and industrial settings in the People's Republic of China. The Complaint alleges that during the Class Period the Company failed to disclose insider sales and self dealing transactions on an adequate or timely basis. Moreover, the Company failed to disclose, as a "risk factor" in its quarterly or annual reports or elsewhere, that self-dealing transactions in the Company's stock by insiders could lead to its stock being halted by Nasdaq.
Specifically, the Complaint alleges that defendants failed to disclose that: (a) the Company's insiders were engaging in self dealing involving the Company's January 2006 private placement; and (b) the Company was in violation of SEC Rules regarding limitations on sales of restricted stock, which resulted in the stock being halted by Nasdaq.
On February 15, 2006, after the market closed, the Nasdaq announced that it had halted trading of CESV stock. The press release stated only that "additional information" was requested from the Company and that trading would be suspended until the Company provided the requested information.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than June 30, 2006, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca