Company Website:
http://rosenlegal.com/cases-495.html
NEW YORK -- (Business Wire)
The Rosen Law Firm, a global investor rights firm, reminds purchasers of
Telestone Technologies Corp. common stock (Pink Sheets:TSTC) between
March 31, 2010 and April 16, 2013 of the important April 3, 2015 lead
plaintiff deadline in the class action filed by the firm.
To join the TSTC class action, go to the website at http://rosenlegal.com/cases-495.html
or call Phillip Kim, Esq. or Jonathan Horne, Esq. toll-free at
866-767-3653 or email pkim@rosenlegal.com
or jhorne@rosenlegal.com for
information on the class action. The suit is pending in U.S. District
Court for the District of New Jersey.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS
CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU
MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU
MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, throughout the Class Period, Telestone
reportedly earned almost all of its revenues from sales to the three
largest Chinese telecommunications providers – China Unicom, China
Mobile, and China Telecom – the so-called Big 3. In fact, Telestone only
collected a small fraction of its purported sales to the Big 3, and
internally determined both that the Big 3 were routinely breaching their
contractual obligations to Telestone and that there was little Telestone
could do about it. Revenues from sales to the Big 3 were thus not
reasonably certain to be collectable, and should not have been
recognized. The lawsuit alleges that the market gradually learned that
there were collectability issues with Telestone’s revenues when its
accounts receivable ballooned, leading to drops in Telestone’s share
price of 19.0% on May 15, 2012, 14.8% on November 19, 2012, and 64.2% on
June 3, 2013.
A class action lawsuit has already been filed. If you wish to serve as
lead plaintiff, you must move the Court no later than April 3, 2015. If
you wish to join the litigation go to http://rosenlegal.com/cases-495.html
or to discuss your rights or interests regarding this class action,
please contact, Phillip Kim, Esq., or Jonathan Horne, Esq., of The Rosen
Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com
or jhorne@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
derivative litigation.
Contacts:
The Rosen Law Firm, P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Jonathan
Horne, Esq.
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax:
(212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
jhorne@rosenlegal.com
www.rosenlegal.com
Source: The Rosen Law Firm
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