SOURCE: Milberg LLP

April 07, 2011 14:38 ET

Milberg LLP Announces the Filing of Securities Fraud Class Action Lawsuits Against China Integrated Energy, Inc.

NEW YORK, NY--(Marketwire - April 7, 2011) - Class action lawsuits were filed in the United States District Court for the Central District of California on behalf of purchasers of China Integrated Energy, Inc. (NASDAQ: CBEH) securities from March 31, 2010, through March 16, 2011, inclusive (the "Class Period"). The complaints allege that the Company issued false and misleading financial statements to investors because it concealed related-party transactions.

On March 16, 2011, Sinclair Upton Research published a report alleging that China Integrated Energy concealed transactions between the Company and its officers and directors that had the effect of funneling cash for personal gain. The report also said that China Integrated Energy misrepresented its business prospects and concealed the fact that the Company's C.E.O. had been funneling money to corporations owned by his son.

As a result, shares declined by 15.97%, and declined an additional 24.6% the next day, to close at $3.77 per share on March 17, 2011.

If you purchased China Integrated Energy securities during the Class Period you may, no later than May 24, 2011, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class. Your share in any recovery will not be enhanced by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.

Founded in 1965, Milberg has offices in New York, Los Angeles, Tampa, and Detroit. The Firm has litigated landmark cases and recovered billions for shareholders and consumers. Our website (www.milberg.com) has additional information.

You can contact the following attorney for more information:

Contact Information

  • Andrei V. Rado, Esq.
    Milberg LLP
    One Pennsylvania Plaza, 49th Fl.
    New York, NY 10119-0165
    Phone number: (800) 320-5081
    Email: contactus@milberg.com

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