Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in China Auto Logistics (NASDAQ:CALI) in connection to alleged violations of securities laws by CALI. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in China Auto Logistics between March 28, 2017 and April 3, 2018.
The class action complaint specifically alleges that during the period in question, CALI might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company had inadequate internal controls governing the “identifying and reporting certain relationships and related transactions”; and that consequently, the company’s statements to the public during the relevant period were false and misleading. When the company announced on April 2, 2018, that it would not be able to file its Form 10-K for the period ending December 31, 2017 in time, because it had to “identify certain related party transactions and the impact of such transactions for the preparation of the financial statements for the Form 10-K,” as well as its inadequate internal controls, the company’s stock declined $0.66/share, or more than 19%, closing at $2.79/share on April 2, 2018.
According to the company’s website, China Auto Logistics is a “global leader in Internet usage and the world’s number one auto market.” It describes itself as China’s foremost wholesaler of imported luxury vehicles as well as a provider of “‘one-stop’ auto-related logistical and financial services.” Founded 15 years ago in Tianjin, China, the company is listed on the Nasdaq exchange under the symbol CALI.
A class action lawsuit has already been filed in connection with China Auto Logistics. If you wish to serve as lead plaintiff in the CALI lawsuit, you must move the Court no later than August 6, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.