LOS ANGELES, July 12, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of Longtop Financial Technologies Limited ("Longtop" or the "Company") (NYSE:LFT) between May 15, 2009 and May 17, 2011, inclusive (the "Class Period"), have10 days until the July 22, 2011 deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case is pending in the United States District Court for the Central District of California.
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 Longtop and certain of the Company's executive officers with violations of federal securities laws. Longtop, together with its subsidiaries, designs, develops, and delivers software solutions and information technology (IT) services to the financial services industry 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) certain related party transactions relating to the Company's purported major staffing company; (2) that the Company had vastly overstated its operating margins; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On April 26, 2011, Citron Research issued a report on Longtop alleging that the Company's financial statements were fraudulent. The report raised serious issues concerning the quality of Longtop's earnings reports and operations, and called into question the integrity of the Company's key management. On this news, the Company's shares declined $3.30 per share, or nearly 33%, to close on April 26, 2011 at $22.24 per share, and further declined another $4.51 per share, or more than 20%, to close on April 27, 2011, at $17.73 per share.
On May 9, 2011, Citron Research issued an additional report calling into question the Company's financial statements. On this news, the Company's shares declined $1.67 per share, or 8.2% to close on May 9, 2011 at $18.54 per share. Then, on May 17, 2011 trading in Longtop stock was halted. Finally, on May 19, 2011 Longtop announced that it would not release its fourth quarter and fiscal year 2011 results on May 23, 2011 as previously scheduled.
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 Longtop securities between May 15, 2009 and May 17, 2011 may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the July 22, 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 Longtop 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.