SOURCE: Shareholders Foundation, Inc.

Shareholders Foundation, Inc.

July 18, 2011 09:35 ET

Longtop Financial Technologies Ltd Investor Lawsuit and Deadline on July 22 Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Jul 18, 2011) - The Shareholders Foundation, Inc. announces that a lawsuit has been filed in U.S. District Court for the Central District of California on behalf of investors in Longtop Financial Technologies Ltd (ADR) (LFT) against Longtop Financial Technologies Limited and certain of its officers and directors over alleged violations of Federal Securities Laws.

Investors with a substantial investment in LFT made between October 25, 2007 and May 17, 2011 should get actively involved before the Deadline that is coming up on July 22, 2011 and should contact the Shareholders Foundation by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

According to the complaint the plaintiff alleges that the defendants issued between October 25, 2007 and May 17, 2011 materially false and misleading financial statements.

On April 26, 2011, Citron Research published a report raising certain concerns regarding Longtop Financial Technologies Ltd's financial statements since its initial public offering in 2007.

On May 10, 2011, Longtop Financial Technologies Limited issued a statement denying the allegations in the report.

Then on May 17, 2011, trading in Longtop Financial Technologies' stock was halted.

On May 23, 2011, Longtop Financial Technologies announced that its Chief Financial Officer and outside auditor Deloitte Touche Tohmatsu Ltd. had both resigned.

On June 1, 2011 Longtop Financial Technologies announced that its Board has accepted the resignation of its Chief Financial Officer and on July 5, 2011 it announced that the Independent Director & Chairman of Audit Committee and two Independent Directors & Members of Audit Committee tendered their resignations as well.

Those who are investors in Longtop Financial Technologies Ltd (ADR) (LFT) between October 25, 2007 and May 17, 2011, should contact the Shareholders Foundation.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring, a settlement claim filing service, and an investor advocacy group which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108