A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of SinoHub Inc (AMEX: SIHI) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on November 9, 2015 and AMEX: SIHI investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/07/2015 -- A deadline is coming up on November 9, 2015 in the settlement reached in the securities class action lawsuit filed for shareholders who purchased shares of SinoHub Inc (AMEX: SIHI) between May 17, 2010 and August 21, 2012.
Investors who purchased a significant amount of shares of SinoHub Inc (AMEX: SIHI) between May 17, 2010 and August 21, 2012, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the SinoHub Inc (AMEX: SIHI) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/sinohub-inc-amex-sihi-investor-securities-class-action-lawsuit-11202012
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is November 9, 2015. The class action administrator for this case is KCC Class Action Services.
The lawsuit was originally filed in the U.S. District Court for the Southern District of New York against SinoHub Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.
According to the complaint the plaintiff alleges on behalf of purchasers of SinoHub Inc common stock during the period between May 17, 2010 and August 21, 2012, that SinoHub Inc and certain of its officers and directors violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that between May 17, 2010 and August 21, 2012, the defendants maintained that SinoHub Inc's internal controls over financial reporting were effective. However, so the lawsuit, as evidenced by the Company's correspondence with the U.S. Securities and Exchange Commission regarding the Company's internal controls, Defendants allegedly knowingly or recklessly implemented, or ignored the existence of, ineffective internal controls which ultimately resulted in the use of improper accounting procedures and the overstatement of the Company's financial statements and future earnings potential.
On March 30, 2012, SinoHub Inc (AMEX: SIHI) announced its unaudited financial results for the fourth quarter ended December 31, 2011 and audited results for the fiscal year ended December 31, 2011.
SinoHub Inc's stock price declined from $0.63 per share to $0.54 per share on March 30, 2012, a single day decline of 16%.
The plaintiff alleges, that SinoHub Inc continued to represent in its Form 10-K for 2011 that the Company had remediated its internal control problems and that SinoHub Inc's internal controls were now "effective."
Then on August 14, 2012, SinoHub Inc announced that it would be unable to file its Quarterly Report on Form 10-Q for June 30, 2012 within the prescribed time period. Over the next three trading days, SinoHub Inc's stock declined approximately 26%.
On August 21, 2012, SinoHub Inc announced that it would not file its Form 10-Q within the extension period. The next three trading days after that announcement, SinoHub Inc's stock price dropped by 20%.
Shares of SinoHub Inc have been delisted by the AMEX and are now trading under OTC: SIHI.
Those who purchased shares of SinoHub Inc 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