SOURCE: Brower Piven, A Professional Corporation

June 18, 2010 16:10 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in China North East Petroleum Holdings Limited to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the August 10, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - June 18, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the common stock, including call options and/or sellers of put options, of China North East Petroleum Holdings Limited ("China North East" or the "Company") (AMEX: NEP) during the period between August 14, 2009 and May 26, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 10, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard. 

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that it had issued false and misleading financial information. According to the complaint, on March 8, 2010, China North East disclosed that the Company had determined that its financial statements for the year ended December 31, 2008, and each interim quarter within that year, and for the quarters ended March 31, 2009, June 30, 2009 and September 30, 2009 should no longer be relied upon and should be restated as a result of certain non-cash errors contained therein. Further, according to the complaint, after, on May 27, 2010, China North announced that in 2009 a Company officer and a Company director engineered improper cash transfers between bank accounts of the Company and their personal accounts, that its CFO and a director had resigned, and that its CEO was placed on administrative leave and stepped down as Chairman of the Board, trading in China North's stock on the AMEX was halted.

If you have suffered a net loss for all transactions in Chain North East Petroleum Holdings Limited securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact