NEW YORK, May 7, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed on behalf of all persons who purchased or otherwise acquired the securities of Lihua International, Inc. ("Lihua" or the "Company") (Nasdaq:LIWA) during the period from August 9, 2012 through April 30, 2014 (the "Class Period").
The Complaint asserts violations of the federal securities laws against Lihua and its officers and directors for issuing false and misleading statements about the Company's financial condition. The Complaint alleges that: (1) Lihua's business experienced a significant downturn starting from late 2012; (2) Lihua's production activities slowed down dramatically in 2013, and have almost ceased after January 31, 2014; (3) Lihua's warehouse has been seized by the local court; and (4) Defendant Jianhua Zhu, Lihua's Chairman and CEO, attempted to move inventory in order to hide them from creditors, and is now being investigated by the police for larceny.
Upon disclosure of this situation in a news article, the stock was halted for trading and remains halted at the present time.
If you wish to serve as lead plaintiff, you must move the Court no later than June 30, 2014. 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 Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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