Bronstein, Gewirtz & Grossman, LLC Investigates AutoChina International Limited
11 Julio 2011 - 7:43PM
Business Wire
Bronstein, Gewirtz & Grossman, LLC is investigating
potential claims on behalf of purchasers of the securities
AutoChina International Limited. (“AutoChina” or the “Company”)
(NASDAQGS: AUTC - News), concerning whether the company and certain
of its officers and directors have violated federal securities
laws.
The investigation is related to AutoChina’s June 30, 2011,
announcement that AutoChina is being investigated by the U.S.
Securities and Exchange Commission, and expects to restate its
previously issued financial statements for the year ended December
31, 2009, and subsequent periods “to recognize a derivative
liability relating to the Earn-out Share Provision, which was part
of its initial business combination in 2009.” In addition, the
Company disclosed that during AutoChina’s 2010 year-end process,
the Company identified a material weakness in its internal control
over financial reporting as of December 31, 2010, “due to a lack of
requisite internal U.S. GAAP experience.”
If you are aware of any facts relating to this investigation, or
purchased shares of AutoChina, you can assist this investigation by
contacting either Peretz Bronstein or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
eitan@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm’s expertise includes general
corporate work, private securities offerings, and securities
arbitration.
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