The Shareholders Foundation announces that an investor, who purchased shares of Pingtan Marine Enterprise Ltd (NASDAQ:PME), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Pingtan Marine Enterprise Ltd in connection with certain allegedly false and misleading statements made between May 14, 2013 and November 6, 2014.
Investors who purchased a significant amount of shares of Pingtan Marine Enterprise Ltd (NASDAQ:PME) between May 14, 2013 and November 6, 2014, have certain options and for certain investors are short and strict deadlines running. Deadline: January 23, 2015. NASDAQ:PME investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Pingtan Marine Enterprise Ltd (NASDAQ:PME) common shares between May 14, 2013 and November 6, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that the defendants failed to adequately disclose the true nature of material related party transactions that rendered its financial statements materially false and misleading.
On November 6, 2014, Pingtan Marine Enterprise Ltd (NASDAQ:PME) announced that the Company will restate its previously issued annual financial statements for the years ended December 31, 2013 and 2012, and for the periods ended March 31, 2014 and 2013, and June 2014 and 2013 primarily to reflect 20 fishing vessels leased from a related party pursuant to an operating lease rights agreement at historical cost in property, plant and equipment, clarify certain disclosures, and record other miscellaneous adjustments such as the reclassification of certain balance sheet items and adjustments to depreciation and amortization expense. Pingtan Marine Enterprise Ltd said that the restatement had the effect of reducing total assets by $188 million and stockholder’s equity by $187 million at December 31, 2013. Shares of Pingtan Marine Enterprise Ltd (NASDAQ:PME) declined to as low as $1.11 per share on November 7, 2014 and continued to decline to as low as $1.00 per share on Nov. 20, 2014.
On December 9, 2014, NASDAQ:PME shares closed at $1.54 per share.
Those who purchased shares of Pingtan Marine Enterprise Ltd have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com