Boca Raton, FL, May 27, 2011—Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of investors who purchased Longtop Financial Technologies Limited (“Longtop” or the “Company”) (NYSE: LFT) American Depository Shares (“ADS”). The operative class period is October 25, 2007 through May 17, 2011, inclusive (the “Class Period”).
On May 17, 2010, trading in Longtop stock was ordered to be halted by the Securities and Exchange Commission (SEC) after the Company announced that it was postponing the announcement of its quarterly and annual financial results that had been scheduled for release on May 23, 2011. The closing price of Longtop prior to the trade halt was $18.90, and trading has not resumed.
On May 23, 2011, the Company disclosed that its Chief Financial Officer, Derek Palaschuk, had resigned. In addition, investors were shocked to learn that the Company’s outside auditor, Deloitte Tohmatsu Ltd. (“Deloitte”), had also resigned, after identifying matters that may impact the fairness and reliability of Longtop’s financial statements for 2010 and 2011. According to Deloitte, financial records relating to cash and loan balances were falsified, and that certain members of management deliberately interfered in the audit process. These revelations have led to the commencement of an SEC investigation.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the shares/common stock of Longtop Financial Technologies Limited between the period of October 25, 2007 and May 17, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests:
Joseph E. White, III
jwhite@saxenawhite.com
Greg Stone
gstone@saxenawhite.com
Saxena White P.A.
2424 North Federal Highway, Suite 257
Boca Raton, FL 33431
Tel: (561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com
If you purchased Longtop Financial Technologies Limited shares during the Class Period, and/or on the Secondary Offering priced at $31.25 per share on November 18, 2009, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than July 22, 2011. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., which has offices in Boca Raton, Boston and Montana, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
