BENSALEM, Pa., April 26, 2011 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith, representing investors of Puda Coal, Inc., announces a June 13, 2011 deadline to move to be a lead plaintiff in the class action lawsuit filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the securities of Puda Coal, Inc. ("Puda" or the "Company") (Amex:PUDA) between November 13, 2009, and April 11, 2011, inclusive (the "Class Period").
Puda, through its indirect equity ownership in Shanxi Puda Coal Group Co., Ltd. ("SPCG"), its sole operating subsidiary, supplies metallurgical coking coal to the industrial sector in the People's Republic of China. The Complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose, among other things: (1) that the Company's Chairman, Ming Zhao ("Zhao"), had transferred ownership/shares of SPCG to himself through a series of transactions; (2) that Zhao had sold 49% of SPCG; (3) that, as a result, Puda did not possess the ownership interests in SPCG that the Company claimed to possess; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
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 Puda securities between November 13, 2009, and April 11, 2011, you have certain rights and have until June 13, 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 http://www.howardsmithlaw.com.
CONTACT: Law Offices of Howard G. Smith Howard G. Smith, Esquire (215) 638-4847 (888) 638-4847 howardsmith@howardsmithlaw.com www.howardsmithlaw.com