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Notice of Class Action Filed Against CHINA ENERGY SERVICES TECHNOLOGY, INC. (CESV) by Stull, Stull & Brody
Thursday May 18, 1:36 pm ET
NEW YORK, NY--(MARKET WIRE)--May 18, 2006 -- Notice is hereby given that a lawsuit has been filed in the U.S. District Court for the Southern District of New York by the law firm of Stull, Stull & Brody on behalf of the plaintiff and a proposed class of purchasers of securities of CHINA ENERGY SERVICES TECHNOLOGY, INC. (NasdaqNM:CESV - News); ("China Energy" or "Company") against China Energy and certain officers and directors for the class period April 21, 2005 through February 15, 2006 ("Class Period").
The complaint alleges that China Energy and certain officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by making false and misleading statements and omissions concerning the company's management activities, sale of restricted stock and other insider sales which violated the federal securities laws. As a result of these alleged violations, the price of securities of China Energy was artificially inflated during the Class Period. The complaint alleges that the Company failed to disclose that the Company and individual officers and directors allowed Company insiders to self-deal in the Company's January 2006 private placement; that the Company failed to comply with the SEC and NASDAQ rules and regulations regarding limitations on sales of restricted stock; that the failure to comply with such rules and regulations would result in trading of the Company's stock being halted by the NASDAQ; and that trading of China Energy stock was, indeed, halted by the NASDAQ as of February 15, 2006.
Plaintiff seeks to recover damages on his own behalf and on behalf of the Class and is represented by the law firm of Stull, Stull & Brody. The firm has significant experience successfully prosecuting complex securities fraud class actions on behalf of defrauded investors.
If you were a purchaser of China Energy securities during the Class Period, you may, not later than June 30, 2006, move the court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact: Howard T. Longman at Stull, Stull & Brody toll-free at 800/337-4983 or 845/371-4788 or via Internet e-mail at tsvi@aol.com or by writing, Stull, Stull & Brody, 6 East 45th Street, 5th Floor, New York, New York 10017.
Contact:
Contact:
Stull, Stull & Brody
Howard T. Longman, Esq.
800/337-4983
845/371-4788
