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The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Securities Laws Violations by China Automotive Sy

^{Published on 2011-03-23 11:45:33 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Levi & Korsinsky is investigating potential claims on behalf of purchasers of the securities of China Automotive Systems, Inc. (aChina Automotivea or the aCompanya) (Nasdaq: CAAS) concerning possible violations of federal securities laws.

On March 12, 2011, the audit committee of the board of directors of the Company stated that the previously issued financial statements for the fiscal year ended December 31, 2009, and related auditors' report, and unaudited interim consolidated financial statements for the quarterly periods ended March 31, June 30 and September 30, 2010, should no longer be relied upon. On March 17, 2011, China Automotive announced it expected to restate its financial statements for the 2009 fiscal year and three quarters of the 2010 fiscal year due to errors in accounting related to the Companya™s convertible notes issued on February 15, 2008. Due to the delay in filing, the NASDAQ Stock Market has notified the Company of their failure to comply with NASDAQa™S continued listing requirements, which requires that Companya™s file quarterly reports with the SEC in a timely fashion. China Automotive has until May 16 to inform NASDAQ of its plan to regain compliance. After the news of the impending restatement, shares of China Automotive dropped from a close of $10.23 on March 15, 2011 to an intraday low of $7.56 on March 23, 2011.

If you own China Automotive stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at [ jlevi@zlk.com ] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit [ http://www.zlk.com/china-automotive-systems-caas.html ].

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
[ www.zlk.com ]