NEW YORK, March 25, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the common stock of ShengdaTech, Inc. ("ShengdaTech" or the "Company") (Nasdaq:SDTH) during the period from March 15, 2010 through March 15, 2011 (the "Class Period"), seeking to recover damages for violations of federal securities laws.
To join the ShengdaTech class action, visit the firm's website at , 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 filed by the Rosen Law Firm is pending in the U.S. District Court for the Central District of California.
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 asserts violations of the federal securities laws against ShengdaTech and its officers and directors for misrepresenting the true financial condition of the Company and its internal controls. Particularly, the Complaint alleges that serious discrepancies in ShengdaTech's financial records and internal control over financial reporting resulted in the issuance of materially false and misleading financial information to investors. On March 15, 2011, the Company announced the formation of a special committee of the Board of Directors to investigate potentially serious discrepancies and unexplained issues relating to the Company's financial records. As a result, trading in the Company's stock was halted.
If you wish to serve as lead plaintiff, you must move the Court no later than May 24, 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 .
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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 lrosen@rosenlegal.com pkim@rosenlegal.com www.rosenlegal.com