Attention: Keyuan Petrochemicals, Inc. Investors Who Purchased KEYP Units on March 22, 2010

An investigation for investors, who purchased units of Keyuan Petrochemicals, Inc. (OTCMKTS:KEYP) pursuant to a confidential private offering memorandum dated March 22, 2010 was announced and those Keyuan Petrochemicals, Inc. investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com

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San Diego, CA -- (SBWire) -- 05/28/2013 --An investigation on behalf of investors, who purchased Keyuan Petrochemicals Units pursuant to a confidential private offering memorandum dated March 22, 2010, comprised of a first tranche that closed on April 22, 2010 and a second tranche that closed on May 18, 2010, concerning potential securities laws violations in connection certain financial statements was announced.

Investors who purchased Keyuan Petrochemicals Units pursuant to a confidential private offering memorandum dated March 22, 2010, comprised of a first tranche that closed on April 22, 2010 and a second tranche that closed on May 18, 2010, you have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.

The investigation by a law firm focuses on whether certain statements made in connection with the a confidential private offering memorandum dated March 22, 2010, comprised of a first tranche that closed on April 22, 2010 and a second tranche that closed on May 18, 2010 were materially false and misleading.

Keyuan Petrochemicals, Inc and certain of its officers and directors currently face a lawsuit filed in 2011 over alleged violated Federal Securities Laws by issuing materially false and misleading financial information.

Keyuan Petrochemicals, Inc. (OTCMKTS:KEYP) reported that its annual Total Revenue rose from $68.65 million in 2009 to $558.75 million in 2010 and that its Net Loss of $8.83 million in 2009 turned into a Net Income of $37.12 million in 2010.

Shares of Keyuan Petrochemicals, Inc. traded in February 2011 as high as $5.48 per share .

Prior to market open on April 1, 2011 trading in Keyuan Petrochemicals’ stock was halted.

Thereafter, Keyuan Petrochemicals issued a press release announcing that it would not be able to timely release its financial results for the fiscal year ended December 31, 2010. The announcement also revealed that “the accounting review conducted to date had identified various concerns” that prompted the Company’s audit committee to undertake an independent investigation. Later the same day, Keyuan Petrochemicals filed an 8-K with the U.S. Securities and Exchange Commission (“SEC”) under item 4.02 entitled “Non-Reliance on Previously Issued Financial Statements.” According to the 8-K, Keyuan Petrochemicals’ auditors informed Keyuan Petrochemicals “that there is a possibility that we may be required to make certain adjustments to certain of our previously issued financial statements, and that such previously issued financial statements may not be relied upon.

Then on October 6, Keyuan Petrochemicals said on October 5, 2011, it received a letter from the Listing Qualifications Hearings Department of the NASDAQ Stock Market LLC stating that the NASDAQ Stock Market LLC Hearings Panel has exercised its discretionary authority pursuant to NASDAQ Listing Rule 5101 to delist the Company’s securities from the Nasdaq Stock Market and will suspend trading in the Company’s shares effective at the open of business on Friday, October 7, 2011.

Shares of Keyuan Petrochemicals, Inc trade currently under OTCMKTS:KEYP at slightly under $1 per share.

Those who purchased shares of Keyuan Petrochemicals, Inc. (OTCMKTS:KEYP), have certain options and 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

Media Relations Contact

Trevor Allen
General Manager
Shareholders Foundation, Inc.
858-779-1554
http://www.ShareholdersFoundation.com

View this press release online at: http://rwire.com/257790