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China Auto Logistics, Inc. (CALI)

NASDAQ:CALI

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In China Auto Logistics, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in China Auto Logistics, Inc. (“China Auto” or the “Company”) (NASDAQ: CALI) of the August 6, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in China Auto stock or options between March 28, 2017 and April 13, 2018 and would like to discuss your legal rights, click here: please fill out the form below. There is no cost or obligation to you.You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased China Auto securities between March 28, 2017 and April 13, 2018 (the “Class Period”).  The case, Vanderhoef v. China Auto Logistics Inc., et al., No. 18-cv-10174 was filed on June 6, 2018.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) China Auto failed to maintain adequate internal controls over identifying and reporting certain relationships and related transactions; and (2) as a result, defendants' public statements were materially false and misleading at all relevant times.

Specifically, on April 2, 2018, China Auto stated that it was unable to file its Annual Report on Form 10-K for the period ended December 31, 2017 in a timely manner because it required additional time to “identify certain related party transactions and the impact of such transactions.” The Company also announced that it had identified a material weakness in its internal controls related to “identifying and reporting certain relationships and related transactions.”

After the announcement, China Auto’s share price fell from $3.45 per share on March 29, 2018 to a closing price of $2.79 on April 2, 2018—a $0.66 or a 19% drop.

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  • Case:
    China Auto Logistics, Inc. (CALI)
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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 06/08/2018

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