Investigation against Longwei Petroleum Investment Holding Ltd (NYSE:LPH) for violating federal security laws

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 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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Published by Benjamin Roussey

Benjamin Roussey is from Sacramento, California. He has two master’s degrees and served four years in the U.S. Navy. His bachelor’s degree is from CSUS (1999) where he was on a baseball pitching scholarship. His second master’s degree is an MBA in Global Management from the University of Phoenix (2006). He has worked for small businesses, public agencies, and large corporations. He has lived in Korea and Saudi Arabia where he was an ESL instructor. Benjamin spends his time in between Northern California and Cabo San Lucas, Mexico, committing himself to his craft of freelance and website writing.