A lawsuit was filed on behalf of investors in China Auto Logistics Inc. (NASDAQ: CALI) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/18/2018 -- An investor, who purchased shares of China Auto Logistics Inc. (NASDAQ: CALI), filed a lawsuit over alleged violations of Federal Securities Laws by China Auto Logistics Inc..
Investors who purchased shares of China Auto Logistics Inc. (NASDAQ: CALI) have certain options and for certain investors are short and strict deadlines running. Deadline: August 6, 2018. NASDAQ: CALI investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that between March 28, 2017 and April 13, 2018, the defendants made false and/or misleading statements and/or failed to disclose that China Auto failed to maintain adequate internal controls over identifying and reporting certain relationships and related transactions, and that as a result, defendants' public statements were materially false and misleading at all relevant times.
China based China Auto Logistics Inc., together with its subsidiaries, sells and trades in imported automobiles in the People's Republic of China. China Auto Logistics Inc. reported that its annual Total Revenue rose from over 446.34 billion in 2015 to over 467.06 billion in 2016 and that its Net Loss over 12.01 billion in 2015 turned into a Net Income of over $3.98 billion in 2016.
On April 2, 2018, China Auto Logistics Inc. reported that it was unable to timely file its Annual Report on Form 10-K for the period ended December 31, 2017 because it needed extra time to "identify certain related party transactions and the impact of such transactions for the preparation of the financial statements for the Form 10-K." The company also identified a material weakness in its internal controls over "identifying and reporting certain relationships and related transactions."
Those who purchased shares of China Auto Logistics Inc. (NASDAQ: CALI) have certain options and should contact the Shareholders Foundation.
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