Robbins Umeda LLP Announces an Investigation of Keyuan Petrochemicals, Inc. for Shareholders
14 Abril 2011 - 5:08PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, has
commenced an investigation into possible breaches of fiduciary duty
and other violations of the law by certain officers and directors
at Keyuan Petrochemicals, Inc. (NASDAQ: KEYP). Keyuan distributes
petrochemicals throughout China. Keyuan was formerly known as
Keyuan International Group Ltd. and changed its name to Keyuan
Petrochemicals, Inc. as a result of a reverse merger with Silver
Pearl Enterprises, Inc. on April 23, 2010. The company was founded
in 2007, is based in Ningbo, China, and is incorporated in
Delaware.
If you invested in Keyuan stock and would like more information
about your shareholder rights, please contact Gregory E. Del Gaizo
at 800-350-6003 or via the shareholder information form on our
website.
Robbins Umeda LLP's investigation focuses on whether the
directors and officers of Keyuan harmed the company by issuing
false and misleading statements about the company's financial
results. On April 1, 2011, Keyuan announced that it had not
completed its 2010 consolidated financial statements by the March
31, 2011 deadline. The company has applied for an extension with
the U.S. Securities and Exchange Commission and is required to file
the Annual Report by April 15, 2011. The company also announced
that "the accounting review conducted to date had identified
various concerns" with cash transactions and recorded sales that
prompted the company's audit committee to undertake an independent
investigation. As a result of the delay in filing and the
investigation by the audit committee, Keyuan requested a trading
halt from NASDAQ.
Also on April 1, 2011, Keyuan filed a Form 8-K with the SEC
stating that its auditors informed the company "that there is a
possibility that we may be required to make certain adjustments to
certain of our previously issued financial statements, and that
such previously issued financial statements may not be relied
upon."
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
law firm's skilled litigation teams include former federal
prosecutors, former defense counsel from top multinational
corporate law firms, and career shareholder rights attorneys. For
more information, please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/keyuan-petrochemicals-inc/
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