China North East Petroleum Hldng Ltd. (OTCBB:CNEP) Investor Alert: Lawsuit Alleges False and Misleading Statements

A lawsuit was filed on behalf of investors in China North East Petroleum Hldng Ltd. (OTCBB:CNEP) shares over alleged securities laws violations. Deadline: March 2, 2015. China North East Petroleum Hldng Ltd. investors should contact the Shareholders Foundation.

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San Diego, CA -- (SBWire) -- 01/21/2015 --An investor, who purchased shares of China North East Petroleum Hldng Ltd. (OTCBB:CNEP), filed a lawsuit in the U.S. District Court for the Central District of California against Baker Tilly Hong Kong for their role as auditor of China North East Petroleum's financial statements that are alleged to have been false and misleading.

Investors who purchased a significant amount of shares of China North East Petroleum Hldng Ltd. (OTCBB:CNEP) between January 1, 2010 and April 4, 2013, have certain options and for certain investors are short and strict deadlines running. Deadline: March 2, 2015. China North East Petroleum Hldng Ltd. investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of China North East Petroleum Hldng Ltd. (OTCBB:CNEP) common shares between January 1, 2010 and April 4, 2013, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that China North East Petroleum Hldng Ltd's auditor Baker Tilly Hong Kong Limited, fraudulently issued clean audit reports for China North East's financial statements

China North East Petroleum Hldng Ltd. reported that its annual Total Revenue rose from $64.66 million in 2009 to $99.55 million in 2010 and that its Net Loss of $22.11 million in 2009 turned into a Net Income of $58.37 million in 2010.

China North East Petroleum Holdings Limited announced on May 27, 2010, in an 8-K with the U.S. Securities and Exchange Commission ("SEC") that its audit committee discovered improper cash transfers in 2009 between bank accounts of China North East Petroleum Holdings Limited and the personal accounts of a certain Company officer and a Company director. The Company's CFO and a director have resigned. China North also announced that its CEO was placed on administrative leave and that he stepped down as Chairman of the Board, both pending the outcome of the Company's forensic audit. China Northeast's stock price has dropped as a result of this adverse news.

Those who purchased a significant amount of shares of China North East Petroleum Hldng Ltd. (OTCBB:CNEP) between January 1, 2010 and April 4, 2013 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

Media Relations Contact

Michael Daniels
General Manager
Shareholders Foundation
858-779-1554
http://www.ShareholdersFoundation.com

View this press release online at: http://rwire.com/575731