BOCA RATON, Fla., March 25, 2011 (GLOBE NEWSWIRE) -- The law firm of Saxena White P.A.announces that a class action lawsuit has been brought on behalf of all persons who purchased the securities of ShengdaTech, Inc. ("ShengdaTech" or the "Company") (Nasdaq:SDTH) between March 15, 2010 and March 15, 2011, inclusive (the "Class Period") in the Southern District of New York.
ShengdaTech, headquartered in Shanghai, China, describes itself as a leading developer and manufacturer of nano precipitated calcium carbonate used as an additive in various products, including paint, paper, plastic, and rubber.
On March 15, 2011, ShengdaTech announced that it had appointed a special committee of the Board of Directors to investigate "potentially serious discrepancies and unexplained issues relating to the Company and its subsidiaries' financial records identified by the Company's auditors." ShengdaTech also disclosed that its audit committee had retained O'Melveny & Myers LLP as independent outside counsel, which had commenced an internal investigation, that the SEC had been notified about the investigation, and that it would not be able to file its 2010 Form 10-K in a timely manner. Following these announcements, Nasdaq halted trading of ShengdaTech shares.
You may obtain a copy of the complaint and join the class action at . If you purchased the common stock of ShengdaTech between the period of March 15, 2010 and March 15, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests:
If you purchased ShengdaTech shares during the Class Period 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 May 17, 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.
CONTACT: Joseph E. White, III jwhite@saxenawhite.com Greg Stone gstone@saxenawhite.com Saxena White P.A. 2424 North Federal Highway, Suite 257 Boca Raton, FL 33431 Tel: (561) 394-3399 Fax: (561) 394-3382 www.saxenawhite.com