In a major development Longwei Petroleum Investment Holding Ltd (NYSE:LPH) was accused of violating federal security laws related to purchase of securities by Glancy Binkow & Goldberg LLP. It further states that information disclosed by the company related to companies business and financials were false and it misleads investors.
Longwei Petroleum is a wholesale distributor of petroleum products in People’s Republic of China (the “PRC”). It mainly deals in transportation, storage, and selling of petroleum finished products. Things got worse for the company after a report published by GEOInvesting.com alleged that the company had reported higher sales numbers compared to actual sales figures for its storage facility in Taiyuan and in Gujiao, Shanxi. Report also said that company didn’t disclose an investment of $32million which it had invested in a tourism business by its subsidiary.
Shares of Longwei Petroleum Investment Holding Ltd (NYSE:LPH) were down by 72.85% to close at 0.62
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