NEW YORK, May 3, 2011 (GLOBE NEWSWIRE) -- Shareholders of China Integrated Energy, Inc. (Nasdaq:CBEH) are reminded that class action lawsuits were filed on behalf of those who purchased common stock between March 31, 2010, through March 16, 2011.
On March 16, 2011, Sinclair Upton Research published a report alleging that China Integrated Energy concealed transactions between the Company and its officers and directors that had the effect of funneling cash for personal gain. The report also said that China Integrated Energy concealed the fact that the Company's C.E.O. had been funneling money to corporations owned by his son.
As a result, shares declined by 15.97%, and declined an additional 24.6% the next day, to close at $3.77 per share on March 17, 2011. China Integrated Energy shares were halted from trading on April 20, 2011.
If you are a member of the class, you may, no later than May 24, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision of whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to contact us or retain individual counsel if you are a class member. If this action is certified as a class action, class members will be automatically represented by court-appointed counsel. The actions discussed here were not filed by Milberg.
Milberg LLP has been representing individual and institutional investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website () for more information about the firm. If you wish to discuss this matter with us, or have any questions regarding this matter, please contact the following attorney:
Andrei V. Rado, Esq.
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
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CONTACT: Milberg LLP (800) 320-5081