Milberg LLP Reminds Shareholders of Lead Plaintiff Motion Deadline in Securities Class Action Lawsuit Against Yuhe International, Inc.
Posted on August 08, 2011 at 11:13 AM EDT
NEW YORK, Aug. 8, 2011 (GLOBE NEWSWIRE) -- Class action lawsuits were filed in the United States District Courts for the Southern District of Florida, the Central District of California, and the Southern District of New York, on behalf of purchasers of the common stock of Yuhe International, Inc. (Pink Sheets:YUII) between December 31, 2009, and June 23, 2011.
According to the complaints, on June 16, 2011, GeoInvesting published a report that revealed to investors that Yuhe did not acquire 13 breeder farms from Weifangshi Dajiang Group Co. Ltd, as Yuhe represented. In reaction to the report, shares of Yuhe fell more than 70% to close at $1.21 per share on June 17, 2011, when NASDAQ imposed a trading halt.
On June 23, 2011, Yuhe announced that its auditor resigned due to "management's misrepresentation and failure to disclose material facts surrounding certain acquisition transactions and off-balance sheet related party transactions." The auditor said Yuhe's 2010 financial statements should not be relied upon.
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