updated 10/14/2010 3:45:12 AM ET 2010-10-14T07:45:12

NEW YORK, Oct. 13, 2010 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of Harbin Electric, Inc. ("Harbin" or the "Company") (Nasdaq:HRBN) against the Company's board of directors related to a proposal from its Chairman and Chief Executive Officer, Tianfu Yang ("Yang"), and Baring Private Equity Asia Group Limited ("Baring") to take the Company private. The proposed cash transaction is valued at approximately $752 million. Harbin investors are advised to contact Fei-Lu Qian at 888-476-6529 or flqian@pomlaw.com.

Under the terms of the proposal, Yang and his affiliates would acquire all of the outstanding shares of Harbin common stock not currently owned by them for $24.00 per share in cash. Yang currently owns 31.1% of Harbin's outstanding shares. The investigation is focused on the potential unfairness of the price to the Company's shareholders and the process by which the board of directors is considering the transaction.

The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and Burlingame, California, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .

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