The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Hongli Clean Energy Technologies Corp. (NASDAQ: CETC) who purchased shares between October 13, 2015 and April 7, 2017. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) Hongli did not properly record the impairment of its assets; and (2) as a result, Hongli’s public statements were materially false and misleading at all relevant times. On April 21, 2017, Hongli revealed that it dismissed KSP Group, Inc. (“KSP”) as its independent auditor and stated that KSP had no disagreements with Hongli as to its accounting practices. On April 26, 2017, however, Hongli disclosed that KSP believed a disagreement did exist at the time Hongli dismissed it.
Shareholders have until July 7, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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