LOS ANGELES, Jan. 14, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, representing investors of SinoHub, Inc. ("SinoHub" or the "Company") (OTC Markets:SIHI), has filed a shareholder lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all persons or entities who purchased SinoHub common stock between May 17, 2010 and August 21, 2012, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit.
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, or by email at shareholders@glancylaw.com.
SinoHub, together with its subsidiaries, operates as an electronics company worldwide offering electronic component sales and services. The Complaint alleges that the Company failed to implement and maintain adequate internal controls over financial reporting, resulting in the use of improper accounting procedures and the overstatement of the Company's financial performance and prospects.
On August 21, 2012 SinoHub issued a press release announcing that it was unable to file its quarterly report on Form 10-Q for the quarter ended June 30, 2012 within the five-day extended period afforded to it pursuant to a Notification of Late Filing on Form 12b-25 that the Company filed with the Securities and Exchange Commission on August 14, 2012. According to the Company, it was unable to timely file its quarterly report "because of a delay in retrieving information requested by our auditors to confirm prior period sales associated with our electronic component sales business." In addition, the Company released preliminary financial results for the quarter ended June 30, 2012 showing a net loss of $2.7 million for the quarter.
If you are a member of the Class described above, you may move the Court to serve as lead plaintiff no later than January 22, 2013; however, you must meet certain legal requirements. If you wish to learn more about 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, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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