NEW YORK, April 15, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. today announced an update on the class action lawsuit the firm filed on behalf of investors who purchased the securities of China Electric Motor, Inc. (Nasdaq:CELM) in the period from January 29, 2010 to March 30, 2011, to recover damages for violations of federal securities laws.
To join the China Electric Motor 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.
Since the filing of first-case by the Rosen Law Firm, China Electric Motor announced on April 11, 2011 that it is now the subject of a formal nonpublic SEC investigation into whether the Company had violated the federal securities laws. The announcement revealed that the Company received a letter from the NASDAQ indicating that the Company was not in compliance with NASDAQ rules because the Company had failed to, among other things, timely file its annual report with the SEC.
"We believe the latest announcement of a formal SEC investigation corroborates the securities fraud claims alleged in our class action seeking monetary relief for shareholders," said Laurence Rosen.
If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 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.
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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