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Law Offices of Todd M. Garber Announces Investigation of Longwei Petroleum Investment Holding Limited
LOS ANGELES --(Business Wire)--
The Law Offices of Todd M. Garber announces it is investigating
potential claims against Longwei Petroleum Investment Holding Limited
("Longwei" or the "Company") (NYSEMKT:LPH) concerning possible
violations of federal securities laws. The investigation is related to
allegations that certain statements issued by Longwei were false and
misleading concerning the Company's financial performance.
Longwei is a China-based energy company engaged in transporting, storing
and selling finished petroleum products in the People's Republic of
China. The investigation is related to a January 3, 2012 report
published on the Internet by GeoInvesting.com, which alleged
that Longwei has exaggerated its true financial performance by claiming
substantial product sales from fue depot storage facilities that were
either idled or showed minimal activity. According to the report,
using time-lapse video of the Company's Taiyuan and Gujiao facilities in
Shanxi Province between October 26 and December 13, 2012, GeoInvesting.com
observed a combined total of only five tanker trucks refueling during
that period. The report concluded that Longwei exaggerated its Taiyuan
and Gujiao facilities' November 2012 sales, "despite recent press
releases touting record October and November sales." The report further
alleged, based on a comparison of Longwei's regulatory filings with
Chinese authorities and the Company's 2011-2012 filings with the
Securities and Exchange Commission, the Company never disclosed a $32
million investment in a tourism business made by a Longwei subsidiary,
Shanxi Zhonghe Energy Conversion Co., Ltd.
If you purchased Longwei common stock between May 17, 2010 and January
3, 2013, if you have information or would like to learn more about these
claims, or if you wish to discuss these matters or have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Todd M. Garber, Esquire, of the Law
Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.

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