updated 5/6/2011 11:46:21 PM ET 2011-05-07T03:46:21

NEW YORK, May 6, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. today announced an update on the class action lawsuit the firm filed on behalf of purchasers of the securities of Subaye, Inc. (Nasdaq:SBAY) during the period from December 29, 2009 to April 7, 2011 (the "Class Period"), to recover investors' damages from violations of federal securities laws.

To join the Subaye class action, visit the Rosen Law Firm's website at http://www.rosenlegal.com , 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 United States District Court for the Southern District of New York.

Since the filing of the first case by the Rosen Law Firm, Subaye on April 29, 2011 announced on it had received a subpoena from the Securities Exchange Commission "in regards to a formal investigation relating to range of issues concerning the Company's business operations, including, among other things, the Company's maintenance of books and records and the financial accounting records of the Company." 

Trading in Subaye's stock remains halted.

"We believe the latest announcement of a formal SEC investigation corroborates the securities fraud claims alleged in our class action," said Rosen attorney Phillip Kim. "While we cannot predict when the trading halt in the Company's shares will be lifted, we do not believe that that the halt will impede the progress of the class action," Kim added.

If you wish to serve as lead plaintiff, you must move the Court no later than June 14, 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 http://www.rosenlegal.com .

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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

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