Longwei Petroleum (LPH) Securities Fraud Class Action Lawsuit
Longwei Petroleum (LPH) securities fraud class action summary
Some securities fraud class action cases are complicated. This one is not. On January 3, 2013, published reports stated that Longwei Petroleum mislead investors by (1) exaggerating its true financial performance by claiming substantial product sales from facilities that, in reality, were either idled or showed minimal activity; and (2) disclosing a $32 million investment in a Chinese tourism company. The day these two facts were disclosed to investors, LPH shares fell 73%, closing at $0.62 per share on January 3, 2013, from a close of $2.30 the previous day.
We are investigating the veracity of the underlying factual allegations. LPH shareholders may complete the form on this page to join our investigation.