Securities Class Action Filed Against Lentuo International Inc.
Violations of federal securities laws as a result of a series of materially false statements. According to the Complaint, Lentuo issued materially false and misleading statements to investors and/or failed to disclose that: (1) Beijing Lentuo Electromechanical Group Co., Ltd. (“Lentuo Electromechanical”)-a related party of Lentuo-anticipated and issued 250 million of debt in 2013 to finance the construction of 4S dealerships; (2) the consolidation of Lentuo Electromechanical into Lentuo’s financial statement was required; (3) Lentuo did not have sufficient working capital for 2015; and (4) as a result of the foregoing, the Company’s financial statements and results were materially false and misleading at all relevant times. According to the Complaint, when the truth was revealed to investors, the price of Lentuo ADS fell, damaging investors. Filed in C.D. Cal.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 5/12/2015.
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