LOS ANGELES, March 14, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of China Valves Technology, Inc. ("China Valves" or the "Company") (Nasdaq:CVVT) between January 12, 2010 and January 13, 2011, inclusive (the "Class Period"), have 22 days until the April 5, 2011 deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, London v. China Valves Technology, Inc., et al., No. 11-cv-1116-LAK, has been assigned to the Honorable Lewis A. Kaplan, United States District Judge for the Southern District of New York.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges the Company and certain of its executive officers with violations of federal securities laws. China Valves, through its subsidiaries, develops, manufactures and markets low-, medium-, and high-pressure metal valves for customers in the electricity, petroleum, chemical, water, gas, nuclear power station and metal industries in China. The Complaint alleges that during the Class Period the Company and certain of its current and former executive officers violated federal securities laws by issuing material misrepresentations to the market concerning China Valves' business, prospects and financial condition, thereby artificially inflating the price of the Company's securities. Specifically, the Complaint alleges that the defendants: (i) issued false and misleading financial statements and press releases concerning the nature, quality and circumstances of the Company's major acquisitions, and (ii) failed to disclose the material, related-party nature of the transactions.
When the market learned of this adverse information, the price of China Valves stock dropped from $8.72 per share to a closing price of $7.15 per share on January 13, 2011, on extremely heavy volume of more than four million shares traded.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing China Valves securities between January 12, 2010 and January 13, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the April 5, 2011 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing China Valves shareholders in this litigation.
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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.