Bernstein Liebhard LLP Announces Investigation Into Longwei Petroleum Investment Holdings Ltd.
Bernstein Liebhard LLP today announced an investigation into Longwei Petroleum Investment Holdings Limited (NYSE: LPH) (“LPH” or the “Company”) concerning allegations that LPH may have issued materially misleading information to the investing public.
LPH is a Shanxi, China-based energy company engaged in the wholesale distribution of finished petroleum products in the People’s Republic of China (the “PRC”). The Company’s oil and gas operations consist of transporting, storing and selling finished petroleum products, entirely in the PRC. The investigation concerns allegations in a January 3, 2013 report published by GEOInvesting.com alleging that LPH exaggerated the Company’s November 2012 sales figures for its fuel depot storage facilities in Taiyuan, as well as in Gujiao, Shanxi, and, in addition, failed to disclose a $32 million investment in a tourism business made by LPH’s subsidiary, Shanxi Zhonghe Energy Conversion Co., Ltd.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last ten years.