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Published in House and Home on Saturday, July 2nd 2011 at 6:50 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
LOS ANGELES--([ BUSINESS WIRE ])--Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class consisting of all persons or entities who purchased the securities of Yuhe International, Inc. (aYuhea or the aCompanya) (NASDAQ:YUII), between December 31, 2009, and June 17, 2011, inclusive (the aClass Perioda).
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].
Yuhe engages in the supply of day-old chickens raised for meat production or broilers in the Peoplea™s Republic of China. The Company purchases breeding stocks from primary breeder farms, raises them for hatching eggs, and sells live, day-old broilers. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company had failed to execute a purchase agreement for Yuhea™s announced purchase of 13 breeder farms from Weifang Dajiang Corporation (aWeifanga); (2) that the Company had not completely paid both the initial amount and remaining balance, totaling more than $12 million, of the agreementa™s total consideration to Weifang; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On June 16, 2011, a research report was published on the Internet alleging that the Company had misrepresented the details surrounding its acquisition of thirteen breeder farms from Weifang in 2009 and called into question the accuracy of the financial statements Yuhe had filed with the Securities and Exchange Commission during the Companya™s 2009 and 2010 fiscal years. Specifically, the report alleged that Yuhe never reached or executed an agreement with Weifang and that the $12.1 million deposit allegedly paid to acquire the farms may have been misappropriated.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move the Court, no later than August 23, 2011, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].