San Diego, CA -- (SBWIRE) -- 10/02/2012 -- A deadline is coming up on October 31, 2012 in the lawsuit filed for investors of SmartHeat Inc (NASDAQ:HEAT) over alleged securities laws violation in connection with certain allegedly false and misleading statements. .
Investors with a substantial investment in SmartHeat Inc (NASDAQ:HEAT) shares between February 24, 2010 through May 3, 2010, should get active before the Deadline that is coming up on October 31, 2012 and NASDAQ:HEAT stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers 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 a substantial investment in SmartHeat Inc (NASDAQ:HEAT) shares between February 24, 2010 through May 3, 2010, should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego