SOURCE: Saxena White P.A.

July 01, 2011 23:58 ET

Saxena White P.A. Files a Securities Fraud Class Action Against Wonder Auto Technology, Inc.

BOCA RATON, FL--(Marketwire - Jul 1, 2011) - Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of investors who purchased Wonder Auto Technology, Inc. ("Wonder" or the "Company") (NASDAQ: WATG) during the period between May 14, 2008 and May 6, 2011, inclusive (the "Class Period").

On March 1, 2011, the Company disclosed that the previously issued financial statements for fiscal years 2008 and 2009, as well as its interim reports for those periods "should no longer be relied upon due to a cutoff error regarding timing of revenue in such periods." On March 25, 2011, the Company disclosed that it had "received a notification letter from the NASDAQ Stock Market indicating that the Company was not in compliance" with NASDAQ's continued listing requirements as it failed to timely file its annual report on a Form 10-K for the fiscal year ended December 31, 2010. On May 6, 2011, after the close of trading, NASDAQ halted the trading of Wonder Auto stock until the Company satisfied NASDAQ's request for "additional information." Trading has not been resumed.

On May 12, 2011, the Company disclosed in a press release, that its Audit Committee had "undertaken an internal investigation concerning certain investment and acquisition transactions." On May 20, 2011, the Company disclosed that the Audit Committee's investigation was commenced "in response to a report alleging that the Company had engaged in several transactions without properly disclosing their related-party nature."

You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the shares of Wonder Auto Technology, Inc. between May 14, 2008 and May 6, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests:

If you purchased Wonder Auto Technology, Inc. during the Class Period, and/or on the Secondary Offering priced at $10.75 per share on November 12, 2009, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than August 1, 2011. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., which has offices in Boca Raton, Boston and Montana, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

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