Cemtrex, Inc. Explains the Continued Press Releases by Securities Class Action Plaintiffs’ Law Firms
March 16 2017 - 8:45AM
Business Wire
Cemtrex, Inc. (NasdaqCM: CETX, CETXP, CETXW), a global
diversified industrial and manufacturing company, today explained
why securities class action plaintiffs’ law firms continue to
publish press releases concerning the alleged securities class
action complaints filed on February 24, 2017 against the Company in
the United States District Court for the Eastern District of New
York. The Company feels that this explanation is necessary to clear
up the confusion that has been created by these press releases for
the current shareholders and potential investors.
The Private Securities Litigation Reform Act of 1995 (Reform
Act) states: “Not later than 60 days after the date on which the
notice is published, any member of the purported class may move the
court to serve as lead plaintiff of the purported class.” The
original alleged securities class action complaints were filed on
February 24, 2017. Therefore, any member of the purported class may
move the court to serve as lead plaintiff by April 25, 2017.
Leading up to this April 25 deadline, securities class action
plaintiffs’ law firms are continuing to publish press releases in
connection with this lead plaintiff process. These are not
announcing any new securities class action complaints. To date,
there remain only three actual securities class action complaints
filed against the Company in court. As the Company announced on
March 2, 2017, the Company understands that these three alleged
class actions, as well as any further alleged class actions, will
be consolidated into a single lawsuit, under the requirements of
the Reform Act.
The Company believes the alleged securities class action
litigation is based upon the false allegations contained in an
internet blog posted by a short seller and is meritless and the
Company intends to defend itself vigorously.
About Cemtrex
Cemtrex, Inc. (CETX) is a global, diversified industrial and
manufacturing company that provides a wide array of solutions to
meet today’s technology challenges and is rapidly growing through
acquisitions. Cemtrex provides manufacturing services of advanced
custom engineered electronics, industrial contracting services,
monitoring instruments for industrial processes and environmental
compliance, and equipment for controlling particulates, hazardous
pollutants and Greenhouse gases used in carbon trading globally.
For more information, please visit www.cemtrex.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. These forward-looking statements are
inherently difficult to predict. Actual results, including all
matters relating to the engagement of counsel and potential legal
proceedings involving the above investigation, could differ
materially for a variety of reasons. Our filings with the SEC
identify important factors that could cause our actual results to
differ materially from those contained in our forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170316005179/en/
Investor:Cemtrex, Inc.Investor
Relations631-756-9116investors@cemtrex.comorIRTH
CommunicationsAndrew Haag, Managing
Partner866-976-4784CETX@irthcommunications.com
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