NEW YORK, July 3, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm has filed a class action lawsuit on behalf of investors who purchased the securities of Subaye, Inc. (OTC:SBAY) during the period from December 29, 2009 to April 7, 2011 (the "Class Period"), seeking remedies under the federal securities laws.
To join the Subaye class action, visit the Rosen Law Firm's website at http://www.rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The case is pending in the United States District Court for the Southern District of New York.
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 alleges that DNTW Chartered Accountants LLP ("DNTW"), Subaye's auditor, falsely issued clean audit reports for Subaye's 2009 and 2010 10-Ks that stated that DNTW conducted its audits of Subaye in accordance with PCAOB standards. In reality, nearly all of Subaye's customers and business operations did not exist. In May 2013, the SEC filed a civil action against Subaye and others, indicating that DNTW knowingly issued false audit reports.
If you wish to serve as lead plaintiff, you must move the Court no later than September 3, 2013. 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://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.