China Integrated Energy, Inc. (NASDAQ: CBEH)
MURRAY, FRANK & SAILER LLP is investigating securities fraud claims against China Integrated Energy, Inc. ("China Integrated Energy" or the "Company") (NASDAQ: CBEH) and certain of its officers, on behalf of purchasers of China Integrated Energy securities between March 31, 2010 and March 16, 2011, inclusive (the "Class Period").
The investigation concerns violations of the Securities Exchange Act of 1934 (the "Exchange Act") that occurred when the Defendants issued materially false and misleading statements or omitted to state material information during the Class Period regarding China Integrated Energy's financial performance and business operations and prospects. As a result of the Defendants' misstatements, China Integrated Energy's stock traded at artificially inflated prices throughout the Class Period.
Specifically, it is alleged that throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company misrepresented the nature and extent of its business relationships; and (2) as a result of the foregoing, the Company's financial results were materially overstated.
On March 16, 2011, Sinclair Upton Research ("Sinclair") released a report (the "Sinclair Report") alleging that the China Integrated Energy concealed a multitude of transactions by which cash was funneled from the Company to its officers and directors, and by which money was funneled to corporations owned by the CEO's son. In addition, the Sinclair Report, citing documents, alleged that the Company misrepresented its financial performance and business prospects to investors.
In reaction to the Sinclair Report, on March 16, 2011, China Integrated Energy's stock price dropped from an open of $5.95 to a close of $5.00 per share on heavy trading volume. On the following day, March 17, 2011, the Company's stock price dropped even further, to a close of $3.77, also on heavy trading volume.
If you purchased China Integrated Energy securities within the Class Period, and you wish to discuss this investigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
MURRAY, FRANK & SAILER LLP