Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Federal Securities Class Action Has Been Filed on Behalf of Shareholders of China North East Petroleum Holdings Limited

Lead Plaintiff Deadline Is March 2, 2015


NEW YORK, Jan. 13, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors who purchased common stock of China North East Petroleum Holdings Limited (formerly (OTC:CNEP)) between January 1, 2010 and April 4, 2013 (the "Class Period"), inclusive. The class action asserts claims against Baker Tilly Hong Kong Limited ("Baker Tilly") for their role as auditor of China North East Petroleum's financial statements that were alleged to have been false and misleading.

The lawsuit claims that China North East's auditor Baker Tilly fraudulently issued clean audit reports for China North East's financial statements. Baker Tilly, its director and a former director agreed on December 17, 2014 to pay $115,000 to settle Securities and Exchange Commission (SEC) allegations that they failed to properly audit a company later sued by the agency for fraud. According to the SEC, Baker Tilly "ignored red flags" and that ignorance allowed China North East insiders to conduct $59 million in related-party transaction with China North East.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "China North East investigation."

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