CTE Sinotech (MM)

The Rosen Law Firm, P.A. issues this update on the securities class action filed by the firm on behalf securities purchasers of SinoTech Energy (Nasdaq:CTE) during the period from November 3, 2010 through and including August 16, 2011.

To join the SinoTech Energy class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com for information on the class action.

On September 23, 2011 SinoTech issued an announcement stating that the Company's Chief Financial Officer and Audit Committee Chairwoman, had each resigned from the Company. SinoTech Energy also announced that the Company's independent auditor Ernst & Young Hua Ming ("Ernst & Young") had resigned and withdrawn its audit opinion for SinoTech Energy's September 30, 2010 financial statements. 

According to SinoTech, the reasons for the resignations were, without limitation: "(i) that they believe that there has been a potentially unauthorized transfer in 2011 by Mr. Qingzeng Liu, the Chairman of the Board of the Company (the "Chairman"), of a material portion of the Company's cash from a Chinese bank account held in the name of the Company's Chinese operating subsidiary to a bank account controlled by the Chairman; (ii) that they have been unable to investigate the facts and circumstances surrounding this transfer to their satisfaction; and (iii) that the events relating to such transactions have caused them to lose confidence in the accuracy and reliability of the Company's previously filed financial statements."

"We believe the latest revelations corroborate the allegations alleged in the complaint filed by the firm," said Rosen attorney, Phillip Kim. "Our investigation of SinoTech Energy continues through resources in China and elsewhere. The firm has developed significant expertise in these types of cases serving as lead counsel in a number of securities fraud class actions against a number of Chinese based issuers," added Kim.

If you wish to serve as lead plaintiff, you must move the Court no later than October 18, 2011.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com. You may also visit the firm's website at http://rosenlegal.com.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

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CONTACT: Laurence Rosen, Esq.
         Phillip Kim, Esq.
         The Rosen Law Firm P.A.
         275 Madison Avenue, 34th Floor
         New York, New York 10016
         Tel: (212) 686-1060
         Weekends Tel: (917) 797-4425
         Toll Free: 1-866-767-3653
         Fax: (212) 202-3827
         lrosen@rosenlegal.com
         pkim@rosenlegal.com
         www.rosenlegal.com