NEW YORK, June 2, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Longtop Financial Technologies, Limited ("Longtop" or the "Company"). The investigation concerns whether the Company failed to disclose certain related party transactions that caused the Company's financials to be overstated. Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 237.
On April 26, 2011, Citron Research issued a report exposing potential accounting fraud and the nondisclosure of related party transactions at Longtop. As a result of the news, shares of LFT plummeted $7.80 or more than 30% in two consecutive trading sessions.
On May 17, 2011, trading of Longtop was halted and, on May 23, 2011, Longtop disclosed: (1) the resignation of its auditor, Deloitte Touche Tohmatsu CPA, Ltd.; (2) the resignation of its Chief Financial Officer; (3) the initiation of a U.S. Securities and Exchange Commission inquiry; and (4) the initiation of an independent investigation.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) rrboyle@pomlaw.com
