NEW YORK, Jan. 8, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf of Tongxin International Ltd. ("Tongxin" or the "Company") (Pink Sheets:TXIC) shareholders seeking remedies under Section 10(b) and 20(a) of the Securities Exchange Act of 1934.
To join the class action against Tongxin, go to the website at or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653. You may also email email@example.com or firstname.lastname@example.org for information on the class action.
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 charges Tongxin and certain of its present and former officers and directors with violations of the federal securities laws. The Complaint alleges that defendants failed to properly disclose: (a) certain related party transactions; (b) that the Company's earnings growth and expectations were not sustainable; (c) that certain officers of the Company were engaging in self-dealing transactions; and (d) the Company lacked inadequate internal controls—all rendering the Company's public statements false and misleading. The Complaint alleges that as the market began to learn this adverse information in a piecemeal fashion, the value of Tongxin securities declined, damaging investors.
If you wish to serve as lead plaintiff in the class action, 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 email@example.com or firstname.lastname@example.org. 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. The firm has substantial experience litigating securities class actions against companies operating in the People's Republic of China.
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CONTACT: Laurence Rosen, Esq. email@example.com Phillip Kim, Esq. firstname.lastname@example.org The Rosen Law Firm P.A. Tel: (212) 686-1060 Weekends/After-hours Tel: (917) 797-4425 275 Madison Avenue, 34th Floor New York, New York 10016 Toll Free: 1-866--767-3653 Fax: (212) 202-3827 www.rosenlegal.com