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Telestone Technologies Corporation (TSTC.PK)

(OTC: TSTC.PK)

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $50,000 Investing In Telestone Technologies Corporation (TSTC.PK) To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Telestone Technologies Corporation (“Telestone” or the “Company”) (OTC: TSTC.PK) of the April 3, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Telestone, certain officers and directors of the Company and Telestone’s auditor.

A complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased or otherwise acquired Telestone securities between March 31, 2010 and April 16, 2013 (the “Class Period”).

The complaint alleges that the Company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects.

Specifically, the action alleges that during the Class Period, Telestone knew or recklessly disregarded and failed to disclose that the three largest Chinese telecommunications providers, which provided almost all of the Company’s revenues, were continually breaching their contractual obligations to Telestone, causing the Company to only collect a percentage of its purported sales.

On April 17, 2013, Telestone announced that it was unable to obtain financial records from one of the Company’s wholly-owned subsidiaries.  Later that day, Telestone’s stock was halted.

Following this news, the price of Telestone stock declined by $0.54 per share, or over 64%, to close on June 3, 2013 at $0.30 per share.

Take Action

If you invested in Telestone common stock or options between March 31, 2010 and April 16, 2013 and would like to discuss your legal rights, you can 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.  Faruqi & Faruqi, LLP also encourages anyone with information regarding the Company’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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:

  • 02/06/2015

Class Period:

  • 03/31/2010 - 04/16/2013

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