NEW YORK, July 2, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. is representing Yuhe International, Inc. (Nasdaq:YUII) shareholders in a securities class action lawsuit. If you purchased the stock of Yuhe International, Inc. during the period from December 31, 2009 through June 23, 2011 you may participate in the class action as a lead plaintiff and seek to recovers investment losses. The deadline for lead plaintiff applications is August 23, 2011.
To join the Yuhe class action, visit the Rosen Law Firm's website at http://www.rosenlegal.com, or call Phillip Kim, Esq., or Laurence Rosen, Esq. toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action. The case filed by the Rosen Law Firm is pending in the U.S. District Court for the Southern District of Florida.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint asserts violations of the federal securities laws against Yuhe and its officers and directors for issuing false and misleading information to investors about the financial and business condition of the Company. The Complaint alleges that (a) Yuhe's financial results as reported to the SEC for the fiscal years ended 2009 and 2010 were materially false and misleading; (b) Yuhe lied to investors about its purported acquisition of 13 breeder farms from Weifangshi Dajiang Qiye Group Co. Ltd. ("Dajiang"); and (c) Yuhe's business was not growing at the rate represented by defendants.
The Complaint alleges that on or about June 16, 2011 information from an analyst entered the market, quoting Dajiang's chairman, that Yuhe did not acquire Dajiang's farms, as Yuhe had represented in its SEC filings and other public statements. This announcement shocked the market and Yuhe's stock lost more than half of its value. On June 17, 2011, trading in the Company's stock was halted. On June 23, 2011, the Company announced its auditor had resigned because of Yuhe "management's misrepresentation and failure to disclose material facts surrounding certain acquisition transactions and off balance sheet related party transactions." Moreover, the auditor stated that its audited financial statements of Yuhe International, Inc. for the year ended December 31, 2010 should no longer be relied upon and that the auditor no longer will be associated with the financial statements.
If you wish to serve as lead plaintiff, you must move the Court no later than August 23, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.