Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that only 52 days remain to file lead plaintiff applications in a securities fraud class action lawsuitagainst ShengdaTech, Inc. ("ShengdaTech" or the "Company") (Nasdaq: SDTH - News). The lawsuit was filed in the United States District Court for the Southern District of New York on behalf of the purchasers of the common stock of ShengdaTech between March 15, 2010 and March 15, 2011, inclusive (the "Class Period"). The lawsuit alleges violations of the Securities Exchange Act of 1934.
What You May Do
If you are a ShengdaTech shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by May 17, 2011. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KSF encourages both institutional and individual purchasers of ShengdaTech to contact the firm. The ultimate resolution of any securities class action is strengthened through the involvement of aggrieved shareholders and lead plaintiffs who have large financial interests. KSF also encourages anyone with information regarding ShengdaTech's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About the Lawsuit
On March 15, 2011, ShengdaTech issued a press release concerning the appointment of a special committee of the Board of Directors to investigate "potentially serious discrepancies and unexplained issues relating to the Company and its subsidiaries' financial records identified by the Company's auditors" relating to year-end 2010 financials. The Company further indicated that the SEC had been notified and that its 2010 Form 10-K would not be filed on time. Thereafter, in response to this unexpected disclosure, trading in ShengdaTech shares was halted.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement; In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against BP and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contacts:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner,
877-515-1850
or after hours via cell phone 504-301-7900
lewis.kahn@ksfcounsel.com