BENSALEM, Pa., March 2, 2011 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith, representing investors of China Valves Technology, Inc. ("China Valves" or the "Company") (Nasdaq:CVVT), has filed a class action lawsuit in United States District Court on behalf of a class (the "Class") consisting of all persons or entities who purchased the securities of China Valves between January 12, 2010 and January 13, 2011, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of New York.
China Valves, through its subsidiaries, develops, manufactures and markets low-, medium-, and high-pressure metal valves for customers in the electricity, petroleum, chemical, water, gas, nuclear power station and metal industries in China. The Complaint alleges that during the Class Period the Company and certain of its current and former executive officers violated federal securities laws by issuing material misrepresentations to the market concerning China Valves' business, prospects and financial condition, thereby artificially inflating the price of the Company's securities. Specifically, the Complaint alleges that the defendants issued false and misleading financial statements and press releases concerning the nature, quality and circumstances of the Company's major acquisitions, and failed to disclose the material, related-party nature of the transactions.
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. If you purchased China Valves securities between January 12, 2010 and January 13, 2011, you have certain rights and have until April 5, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to howardsmith@howardsmithlaw.com or visit our website at .
CONTACT: Law Offices of Howard G. Smith Howard G. Smith, Esquire (215) 638-4847 (888) 638-4847 howardsmith@howardsmithlaw.com www.howardsmithlaw.com