LOS ANGELES, May 12, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of Puda Coal, Inc. ("Puda" or the "Company") (AMEX:PUDA) between November 13, 2009, and April 11, 2011, inclusive (the "Class Period"), have until June 13, 2011 to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Tallant v. Puda Coal, Inc., et al., No. 11-cv-02608-VM, has been assigned to the Honorable Victor Marrero, 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. Puda, through its indirect equity ownership in Shanxi Puda Coal Group Co., Ltd. ("SPCG"), its sole operating subsidiary, supplies metallurgical coking coal to the industrial sector in the People's Republic of China. The Complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose, among other things: (1) that the Company's Chairman, Ming Zhao ("Zhao"), had transferred ownership/shares of SPCG to himself through a series of transactions; (2) that Zhao had sold 49% of SPCG; (3) that, as a result, Puda did not possess the ownership interests in SPCG that the Company claimed to possess; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
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 Puda securities between November 13, 2009, and April 11, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the June 13, 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 Puda 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.