An investigation on behalf of investors of NASDAQ:HEAT shares over possible securities laws violations by SmartHeat Inc was announced and NASDAQ:HEAT investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/26/2012 -- An investigation on behalf of investors in SmartHeat Inc (NASDAQ:HEAT) shares over potential securities laws violations by certain officers and directors at SmartHeat Inc in connection with certain financial statements was announced.
Investors who purchased shares of SmartHeat Inc (NASDAQ:HEAT), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of SmartHeat Inc (NASDAQ:HEAT) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements about SmartHeat’s business, its prospects and its operations were potentially materially false and misleading at the time they were made.
SmartHeat Inc (NASDAQ:HEAT) reported that its annual revenue fell from $125.41million in 2010 to $65.22million in 2011 and its Net Income of $22.70million in 2010 turned into a Net Loss of $23.96million in 2011.
Shares of SmartHeat Inc (NASDAQ:HEAT) traded in April 2012 as high as$7.51 per share but fell on May 21, 2012 to $3.72 per share.
Then on May 30, 2012, SmartHeat Inc (NASDAQ:HEAT) announced that its Chairman of the Board of Directors, President and Chief Executive Officer of SmartHeat Inc., Xudong Wang, Vice President of Strategy, and Zhijuan Guo, Chief Financial Officer, resigned from their respective positions with SmartHeat Inc., the U.S. Holding company incorporated in Nevada.
SmartHeat Inc also announced that, to meet "immediate cash needs", it would take out a $1.0 million revolving line of credit.
That same day, the NASDAQ stock market halted trading in Heat stock. The NASDAQ stock market indicated that trading would remain halted until Heat fully satisfied NASDAQ's request for further information.
Those who purchased shares of SmartHeat Inc (NASDAQ:HEAT), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego