NEW YORK, March 17, 2015 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Lentuo International Inc. ("Lentuo" or "the Company") (NYSE:LAS) common stock during the period between June 14, 2013 and March 9, 2015 (the "Class Period") for violations of federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Lentuo common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by May 12, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact David Titus at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (888) 823-9041 or (212) 952-0602, by email to dtitus@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that Lentuo issued materially false and misleading statements to investors and/or failed to disclose that: (1) Beijing Lentuo Electromechanical Group Co., Ltd. ("Lentuo Electromechanical") - a related party of Lentuo - anticipated and issued RMB 250 million of debt in 2013 to finance the construction of 4S dealerships; (2) the consolidation of Lentuo Electromechanical into Lentuo's financial statement is required; (3) Lentuo did not have sufficient working capital for 2015; and (4) as a result of the foregoing, the Company's financial statements and results were materially false and misleading at all relevant times. The Complaint also alleges that when the truth was revealed to investors, the price of Lentuo American Depositary Shares fell, damaging investors.
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