NEW YORK, Jan. 21, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the common stock of Tongxin International Ltd. ("Tongxin" or the "Company") (Pink Sheets:TXIC) during the period between May 15, 2009 and December 14, 2010, inclusive (the "Class Period"), seeking to recover investors' damages from violations of federal securities laws.
To join the Tongxin class action, visit the Rosen Law Firm's website at , or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action. The case is pending in the U.S. District Court for the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges violations of the Securities Exchange Act against Tongxin and certain of its officers and directors for misrepresenting the Company's financial performance and results. Particularly, defendants improperly accounted for Tongxin's material related party transactions and concealed improper self-dealing by certain officers. When the Company disclosed to investors lower expected revenues for fiscal year 2010, the removal of key executives, and the initiation of legal proceedings against the Company's former Chief Executive Officer and Chief Financial Officer for embezzlement, Tongxin's stock price dropped damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than March 4, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm's website at .
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 Tel: (212) 686-1060 Weekends Tel: (917) 797-4425 Toll Free: 1-866--767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com www.rosenlegal.com