NEW YORK, June 28, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors who purchased Pingtan Marine Enterprise Ltd. (“Pingtan” or the “Company”) (NASDAQ:PME) securities between August 8, 2016 through May 10, 2017, inclusive (the “Class Period”).
Investors who have incurred losses in Pingtan Marine Enterprise Ltd. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of Pingtan Marine Enterprise Ltd. and would like to assist with the litigation process as a lead plaintiff, you may, no later than August 22, 2017, request that the Court appoint you lead plaintiff of the proposed class.
According to the filed Complaint, throughout the Class Period, Pingtan made false and/or misleading statements and/or failed to disclose that:
- Pingtan is banned from Indonesia;
- Pingtan has used investor capital to finance illegal activity; and
- as a result, Pingtan’s public statements were materially false and misleading at all relevant times.
On May 10, 2017, research firm, Aurelius Value, published a report alleging that the Company was banned from Indonesia and that the Company used investor capital to finance illegal activity, such as fraud, poaching and human trafficking.
On this news, shares of Pingtan fell $1.16 per share, or over 28%, to close at $2.95 per share on May 10, 2017.
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 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 by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
## Follow the firm and learn about newly filed cases on Twitter and Facebook. ##
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.