EQUITY ALERT: CBD Energy Limited Investors are Reminded of Important December 26, 2014 Deadline; Trading Halt Will Not Delay ...
December 11 2014 - 5:51PM
Rosen Law Firm reminds purchasers of CBD Energy Limited
(Nasdaq:CBDE) stock between June 12, 2014 and October 24, 2014 of
the important December 26, 2014 lead plaintiff deadline in the
class action filed by the firm.
"The trading halt will not delay the lawsuit filed by my firm,"
said Rosen attorney Phillip Kim. "Rather the trading halt, which we
believe is related to the securities law violations alleged in the
lawsuit, have caused investors further harm. This case appears to
be another instance of a public company putting corporate greed
ahead of shareholders and truthful disclosure," said Kim.
To join the CBD class action, go to the website at
http://www.rosenlegal.com/cases-411.html or call Phillip Kim, Esq.
or Kevin Chan, Esq. toll-free at 866-767-3653 or email
pkim@rosenlegal.com or kchan@rosenlegal.com for information on the
class action. The suit is pending in U.S. District Court for
the Eastern District of Texas.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL
A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR
CHOICE.
According to the lawsuit, CBD issued materially false financial
statements during the Class Period. On October 24, 2014, CBD
Energy announced that its previously issued audited financial
statements for the fiscal years 2012 and 2013 and interim financial
statements for the six months ended December 31, 2013 (the
"December Statements") cannot be relied upon by investors.
According to CBD Energy, certain related-party transactions
involving its Executive Chairman and Managing Director, Mr. McGowan
were not accurately disclosed in its financial statements. The
Company also disclosed that restatement of the December Statements
are due to uncertainties about: (i) an expectation of realizing
full (or any) value of a deposit of approximately $680,000; (ii)
the adequacy of disclosures regarding goodwill and the possibility
of recognizing an impairment; (iii) the capitalization of certain
payments related to the costs of issuing retail bonds in the United
Kingdom; and (iv) classification of certain expenses. On this news,
shares of CBD Energy fell sharply on October 24, 2014, damaging
investors.
If you wish to join the class action at no cost go
http://www.rosenlegal.com/cases-411.html or to discuss your
rights or interests regarding this class action, please contact,
Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll
free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or
kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com
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