SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

February 07, 2011 16:38 ET

Dyer & Berens LLP Announces That a Class Action Lawsuit Has Been Filed on Behalf of Investors Who Purchased China Valves Technology, Inc. Common Stock Between 1/12/10 and 1/13/11; Announces Upcoming Investor Deadline (CVVT)

DENVER, CO--(Marketwire - February 7, 2011) - Dyer & Berens LLP (www.DyerBerens.com) today announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased China Valves Technology, Inc. ("China Valves" or the "Company") (NASDAQ: CVVT) common stock between January 12, 2010 and January 13, 2011, inclusive (the "Class Period").

What actions may I take at this time? If you purchased during the Class Period and wish to serve as a lead plaintiff, you must request appointment by court no later than April 5, 2011. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com. Any member of the putative class may request a lead plaintiff appointment through counsel of its choice or may choose to do nothing and remain an absent class member. 

What are the allegations in the complaint? The complaint charges defendants with misrepresenting the circumstances and related-party nature of the Company's acquisitions of Able Delight (Changsha) Valve Co. and Shanghai Pudong Hanwei Valve Co., Ltd. According to the complaint, defendants concealed that both acquisitions involved payments to entities or persons that were related to management in violation of generally accepted accounting principles and SEC rules. The complaint also asserts that defendants materially overstated the financial condition and business prospects of the acquired companies. When the market learned of this adverse information, the price of China Valves' common stock dropped, thereby damaging investors. Based upon the foregoing, the complaint charges China Valves and certain of its officers and directors with violations of the Securities Exchange Act of 1934. 

About Dyer & Berens LLP. Dyer & Berens LLP has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. 

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302
    Email: Email Contact
    Website: www.DyerBerens.com