SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

February 06, 2015 18:32 ET

INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $50,000 Investing in Telestone Technologies Corporation (TSTC.PK) to Contact the Firm

NEW YORK, NY--(Marketwired - February 06, 2015) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Telestone Technologies Corporation ("Telestone" or the "Company") (OTC PINK: TSTC) 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.

Request more information now by clicking here: www.faruqilaw.com/TSTC. There is no cost or obligation to you.

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, visit www.faruqilaw.com/TSTC. 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. Faruqi & Faruqi, LLP also encourages anyone with information regarding the Company's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330