NEW YORK, Dec. 31, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A., a global investor rights firm, announced that it has filed a class action lawsuit on behalf of investors who purchased common stock of China North East Petroleum Holdings Limited (formerly OTC: CNEP, CNEP.OB) between January 1, 2010 and April 4, 2013 (the "Class Period"), seeking remedies under the federal securities laws.

The class action asserts claims against Baker Tilly Hong Kong for their role as auditor of China North East Petroleum's financial statements that are alleged to have been false and misleading.

To join the Baker Tilly class action, visit the firm's website at http://www.rosenlegal.com/cases-469.html, or call Phillip Kim, Esq. or Laurence Rosen, Esq. toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or lrosen@rosenlegal.com for information on the class action. The case is pending in the U.S. District Court for the Central District of California.

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 lawsuit claims that China North East's auditor Baker Tilly Hong Kong Limited, fraudulently issued clean audit reports for China North East's financial statements," said Rosen attorney Phillip Kim. "This appears to be another audit firm that has conducted fraudulent audits of a Chinese company, causing investors to lose nearly the entire value of their investment," added Kim.

If you wish to serve as lead plaintiff, you must move the Court no later than March 2, 2015. 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 and recover your losses go to http://www.rosenlegal.com/cases-469.html, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com, or lrosen@rosenlegal.com.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.