A lawsuit was filed for certain investors in shares of SmartHeat Inc (NASDAQ:HEAT) over alleged securities laws violations by SmartHeat Inc . Deadline: October 31, 2012, and NASDAQ:HEAT investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/05/2012 -- An investor in shares of SmartHeat Inc (NASDAQ:HEAT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Securities Laws by SmartHeat Inc.
Investors who purchased shares of SmartHeat Inc (NASDAQ:HEAT) between February 24, 2010 through May 3, 2010, have certain options and there are short and strict deadlines running. Deadline: October 31, 2012. NASDAQ:HEAT investors with a substantial investment should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of investors who purchased common stock of SmartHeat Inc (NASDAQ:HEAT) during the period from February 24, 2010 through May 3, 2010, that SmartHeat Inc and certain of its officers and directors violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that SmartHeat's Chief Executive Officer, James Jun Wang, sold $23 million of his shares between February 24, 2010 through May 3, 2010 in violation of several SEC rules and that this rapid sale of NASDAQ:HEAT stock onto the market caused its stock price to plummet.
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) between February 24, 2010 through May 3, 2010, have certain options and there are short and strict deadlines running. Deadline: October 31, 2012. NASDAQ:HEAT investors with a substantial investment 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