San Diego, CA -- (SBWire) -- 07/17/2013 --An investor, who purchased shares of Subaye Inc (OTCMKTS:SBAY, formerly NASDAQ:SBAY), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Subaye’s auditor DNTW Chartered Accountants LLP.
Investors who purchased a substantial amount of shares of Subaye Inc (OTCMKTS:SBAY, formerly NASDAQ:SBAY) between December 29, 2009 to April 7, 2011 have certain options and there are short and strict deadlines running. Deadline: September 3, 2013. SBAY investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of investors who purchased the securities of Subaye Inc (OTCMKTS:SBAY, formerly NASDAQ:SBAY) during the period from December 29, 2009 to April 7, 2011, that DNTW Chartered Accountants LLP, Subaye's auditor, falsely issued clean audit reports for Subaye's 2009 and 2010 10-Ks that stated that DNTW Chartered Accountants LLP conducted its audits of Subaye in accordance with PCAOB standards.
Shares of Subaye Inc (Public, NASDAQ:SBAY) traded during April 2010 over $16 per share and in January 2011 as high as $14.62 per share.
On April 7, 2011 Subaye Inc disclosed more details concerning the resignation of Subaye’s auditor, PricewaterhouseCoopers Hong Kong . PricewaterhouseCoopers Hong Kong identified matters that may materially impact the fairness or reliability of Subaye's quarterly financial information for the three months ended December 31, 2010 and may cause PwC to be unwilling to rely on managements'
On April 8, 2011 the NASDAQ Stock Market® announced that trading was halted in Subaye Inc. (Nasdaq:SBAY) for "additional information requested" from the company at a last sale price of $2.1
The plaintiff claims that in reality, nearly all of Subaye's customers and business operations did not exist and that in May 2013, the SEC filed a civil action against Subaye and others, indicating that DNTW Chartered Accountants LLP knowingly issued false audit reports.
Those who purchased a substantial amount of shares of Subaye Inc (OTCMKTS:SBAY, formerly NASDAQ:SBAY) between December 29, 2009 to April 7, 2011, have certain options and there are short and strict deadlines running. Deadline: September 3, 2013. SBAY investors should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Subaye Inc (OTCMKTS:SBAY) Investor Alert: Lawsuit Against Subaye's Auditor Filed
A lawsuit was filed by an investor in shares of Subaye Inc over alleged securities laws violations by Subaye's auditor. Deadline: September 3, 2013. Investors who purchased a substantial amount of Subaye shares should contact the Shareholders Foundation at mail@shareholdersfoundation.com