Rosen Law Firm Issues Update in Securities Class Action Against Subaye, Inc. With Securities Fraud -- SBAY
May 06 2011 - 10:32PM
The Rosen Law Firm, P.A. today announced an update on the class
action lawsuit the firm filed on behalf of purchasers of the
securities of Subaye, Inc. (Nasdaq:SBAY) during the period from
December 29, 2009 to April 7, 2011 (the "Class Period"), to recover
investors' damages from violations of federal securities laws.
To join the Subaye class action, visit the Rosen Law Firm's
website at http://www.rosenlegal.com, or call Laurence Rosen, Esq.
or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also
email lrosen@rosenlegal.com or pkim@rosenlegal.com for information
on the class action. The case is pending in the United States
District Court for the Southern District of New York.
Since the filing of the first case by the Rosen Law Firm, Subaye
on April 29, 2011 announced on it had received a subpoena from the
Securities Exchange Commission "in regards to a formal
investigation relating to range of issues concerning the Company's
business operations, including, among other things, the Company's
maintenance of books and records and the financial accounting
records of the Company."
Trading in Subaye's stock remains halted.
"We believe the latest announcement of a formal SEC
investigation corroborates the securities fraud claims alleged in
our class action," said Rosen attorney Phillip Kim. "While we
cannot predict when the trading halt in the Company's shares will
be lifted, we do not believe that that the halt will impede the
progress of the class action," Kim added.
If you wish to serve as lead plaintiff, you must move the Court
no later than June 14, 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 Laurence Rosen, Esq. or Phillip Kim, Esq. of The
Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at
lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also
visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a
similar outcome.
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
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