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Published in House and Home on Wednesday, January 26th 2011 at 18:20 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
BOCA RATON, FL--(Marketwire - January 26, 2011) - Saxena White P.A. has filed a [ class action lawsuit ] in the United States District Court for the Central District of California on behalf of all investors who purchased Tongxin International Ltd. ("Tongxin" or the "Company") (
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, defendants improperly accounted for Tongxin's related-party transactions. As a result of defendants' false statements, Tongxin's stock traded at artificially inflated prices during the Class Period, reaching a high of $12.07 per share on October 20, 2009.
On June 30, 2010, Tongxin announced that it would delay filing its Form 20-F for the fiscal year ending December 31, 2009. On October 12, 2010, Tongxin announced that NASDAQ would delist the Company's stock due to its failure to timely file its Form 20-F and acknowledged that a report issued by KPMG, the forensic accountants hired by the Company's Audit Committee, concluded that the documentary support for certain of its related-party transactions was contradictory, insufficient and lacking in substantive detail and accuracy, thus calling into question the validity of the transactions. On November 20, 2010, Tongxin announced that the Company's CEO and CFO were being removed from their positions with the Company and lowered its revenue guidance for fiscal year 2010 from its prior outlook of $160 million to a range of $110 million. Then, on December 13, 2010, Tongxin announced that it had filed a civil suit against its former CFO, Jackie Chang, due to the wrongful transfer of Company funds by Chang into an account for the benefit of her and the Company's former CEO, Rudy Wilson. On this news, Tongxin's stock declined to close at $1.35 per share on December 14, 2010.
You may obtain a copy of the complaint and join the [ class action ] at [ www.saxenawhite.com ]. If you purchased LPS stock between May 15, 2009 and December 14, 2010, you may contact [ Joe White ] or [ Greg Stone ] at Saxena White P.A. to discuss your rights and interests:
If you purchased Tongxin shares during the Class Period and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than March 4, 2011. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the [ class action ]. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., which has offices in Boca Raton, Boston and Montana, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
