Tuesday, May 02, 2006 3:38:04 PM
Roy Jacobs & Associates Announces Class Action Lawsuit on Behalf of Purchasers of China Energy Savings Technology, Inc. Shares -- CESV
Tuesday May 2, 3:25 pm ET
NEW YORK, May 2, 2006 (PRIMEZONE) -- Roy Jacobs & Associates announces that a lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of China Energy Savings Technology, Inc. (``China Energy'' or the ``Company'') (NasdaqNM:CESV - News) between April 21, 2005 and February 15, 2006, inclusive, (the ``Class Period''). The lawsuit was filed against China Energy, and certain of its top officers and directors (``Defendants'').
For further information you may call toll free (888) 884-4490, or contact counsel by e-mail by writing to classattorney@pipeline.com
The complaint alleges that Defendants violated the federal securities laws by failing to disclose that insiders had sold several million unregistered Company shares in apparent violation of applicable rules, based upon rescinded legal opinions. Further, the complaint alleges that the defendants failed to disclose material information concerning the Company's private placement offering in January 2006.
On February 15, 2006, Nasdaq announced that trading was halted in China Energy pending the receipt of further information concerning the stock sales and the rescinded legal opinions. Trading in China Energy shares have been halted since then.
If you purchased China Energy stock during the Class Period, you may qualify to serve as Lead Plaintiff on behalf of the Class, which consists of all persons and entities who purchased China Energy stock from April 21, 2005 through February 15, 2006. You are not required to have sold your China Energy stock in order to claim damages, or to serve in this role. This case will be prosecuted on a contingent fee basis so there is no charge to you.
In addition, if you are a long term holder of China Energy shares, and still hold your shares, you may have additional rights which we would be glad to discuss with you.
Our firm will answer all questions, and provide information, at no cost or obligation to you.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca
Contact:
Roy Jacobs & Associates
Roy L. Jacobs, Esq.
(888) 884-4490
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