NEW YORK, June 29, 2011 (GLOBE NEWSWIRE) -- A class action lawsuit was filed in the United States District Court for the Southern District of Florida, on behalf of purchasers of the common stock of Yuhe International, Inc. (Nasdaq:YUII) between December 31, 2009, and June 23, 2011.
According to the complaint, on June 16, 2011, GeoInvesting published a report that revealed to investors that Yuhe did not acquire 13 breeder farms from Weifangshi Dajiang Group Co. Ltd, as Yuhe represented. In reaction to the report, shares of Yuhe fell more than 70% to close at $1.21 per share on June 17, 2011, when NASDAQ imposed a trading halt.
On June 23, 2011, Yuhe announced that its auditor resigned due to "management's misrepresentation and failure to disclose material facts surrounding certain acquisition transactions and off-balance sheet related party transactions." The auditor said Yuhe's 2010 financial statements should not be relied upon.
If you purchased Yuhe stock during the Class Period you may, no later than August 23, 2011, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class. Your share in any recovery will not be enhanced or diminished by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.
Please visit the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorney:
Andrei V. Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: contactus@milberg.com
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