Science & Technology
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Published in Science and Technology on Monday, May 23rd 2011 at 18:20 GMT by Market Wire
BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of all persons or entities who purchased the securities of Longtop Financial, Inc. (aLongtop Financiala or the aCompanya) (NYSE:LFT) between June 29, 2009 and April 25, 2011, concerning possible violations of federal securities laws.
"(1) the recently identified falsity of the Companya™s financial records in relation to cash at bank and loan balances (and possibly in sales revenue); (2) the deliberate interference by certain members of Longtop management in DTT's audit process; and (3) the unlawful detention of DTT's audit files."
Longtop Financial designs, develops and delivers software solutions and information technology (IT) services to the financial services industry in the Peoplea™s Republic of China.
On May 23, 2011, Longtop Financial announced that the Company's independent accounting firm, Deloitte Touche Tohmatsu CPA Ltd. (aDTTa), has resigned as auditor of the Company, and also that the Companya™s Chief Financial Officer had tendered his resignation. According to the Company-issued press release, DTT stated in its letter of resignation that it was resigning as the result of, among other things, a(1) the recently identified falsity of the Companya™s financial records in relation to cash at bank and loan balances (and possibly in sales revenue); (2) the deliberate interference by certain members of Longtop management in DTT's audit process; and (3) the unlawful detention of DTT's audit files.a In addition, the Company announced it was advised by the United States Securities and Exchange Commission (SEC) that the SEC was conducting an inquiry regarding related matters.
If you purchased Longtop Financial securities between June 29, 2009 and April 25, 2011, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ www.howardsmithlaw.com ].
