San Diego, CA -- (SBWIRE) -- 06/01/2017 -- The Shareholders Foundation announces that an investor in shares of Hongli Clean Energy Technologies Corp (NASDAQ:CETC) filed a lawsuit over alleged Securities Laws violations by Hongli Clean Energy Technologies Corp.

Investors who purchased shares of Hongli Clean Energy Technologies Corp (NASDAQ:CETC) should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff claims that between October 13, 2015 through April 7, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Hongli Clean Energy Technologies Corp did not properly record the impairment of its assets, and that as a result, Hongli Clean Energy Technologies Corp's public statements were materially false and misleading at all relevant times.

China based Hongli Clean Energy Technologies Corp., formerly SinoCoking Coal and Coke Chemical Industries, Inc., is an energy production company. Hongli Clean Energy Technologies Corp reported that its Total Revenue declined from $50.27 million for the 12 months period that ended on June 30, 2014 to $45.61 million for the 12 months period that ended on June 30, 2015 and that its Net Income of $0.99 million for the 12 months period that ended on June 30, 20154 declined to a Net Loss of $3.46 million for the 12 months period that ended on June 30, 2015.

On April 7, 2017, Nasdaq halted the trading of Hongli Clean Energy Technologies Corp's securities, effective 12:15pm on April 10, 2017, for "additional information requested" from Hongli Clean Energy Technologies Corp .

On April 21, 2017, Hongli Clean Energy Technologies Corp disclosed that it had dismissed KSP Group, Inc. ("KSP") as its independent auditor and stated that KSP had no disagreements with Hongli as to its accounting practices.

On April 26, 2017, Hongli Clean Energy Technologies Corp disclosed that KSP believed a disagreement really did exist at the time Hongli dismissed it. KSP had disagreed with the timing and manner in which Hongli valued a substantial amount of assets on its balance sheet.

Those who purchased shares of Hongli Clean Energy Technologies Corp (NASDAQ:CETC) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com