Company Website:
http://rosenlegal.com
NEW YORK -- (Business Wire)
The Rosen Law Firm, P.A. today announced that it has filed a class
action lawsuit on behalf of investors who purchased the securities of
Subaye, Inc. (NYSE: SBAY) during the period from December 29, 2009 to
April 7, 2011 (the “Class Period”), and is seeking to recover investors’
damages from violations of federal securities laws.
To join the Subaye class action, visit the Rosen Law Firm’s website at http://www.rosenlegal.com,
or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at
866-767-3653; you may also email lrosen@rosenlegal.com
or pkim@rosenlegal.com for
information on the class action. The case is pending in the United
States District Court for the Southern District of New York.
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 CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint asserts violations of the federal securities laws against
Subaye and its officers and directors for issuing materially false and
misleading financial statements to investors. On April 7, 2011 the
Company disclosed its auditor, PricewaterhouseCoopers Hong Kong (“PwC”)
resigned. PwC identified matters that may materially impact the fairness
and reliability of Subaye’s quarterly financial information for the
three months ended December 31, 2010 and may cause PwC to be unwilling
to rely on managements’ representations.
PwC’s was unable to obtain information and supporting documentation to
verify: (a) cash settlements from sales agents to Subaye, (b) the end
customer subscriptions for the Company’s services and the services
rendered to the end customers, (c) marketing and promotion activities
performed by sales agents in return for fees paid to such agents and
recorded as expenses of the Company. PwC also stated that Subaye
provided insufficient explanations regarding commonalities between
certain customers and vendors. Lastly, PwC could find no evidence of any
business tax payments by the Company for services rendered in China.
Since April 7, 2011 trading in the Company’s stock has been halted,
rendering the Company’s stock illiquid and causing investors further
damage.
If you wish to serve as lead plaintiff, you must move the Court no later
than June 14, 2011. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. If you wish
to join the litigation, or to discuss your rights or interests regarding
this class action, please contact Laurence Rosen, Esq. or Phillip Kim,
Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com
or pkim@rosenlegal.com. You may
also visit the firm’s website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
derivative litigation.
Contacts:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm P.A.
275
Madison Avenue, 34th Floor
New York, New York 10016
Tel:
(212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free:
1-866--767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
www.rosenlegal.com
Source: The Rosen Law Firm, P.A.
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