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Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Longtop Financial Technolo

^{Published on 2011-07-05 21:40:23 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith, representing investors of Longtop Financial Technologies Limited, announces a July 22, 2011, deadline to move to be a lead plaintiff in the class action lawsuit filed in the United States District Court for the Central District of California on behalf of all purchasers of the securities of Longtop Financial Technologies Limited (aLongtopa or the aCompanya) (NYSE: LFT) between May 15, 2009, and May 17, 2011, inclusive (the aClass Perioda).

Longtop, together with its subsidiaries, designs, develops, and delivers software solutions and information technology (aITa) services to the financial services industry in the Peoplea™s Republic of China. The Complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose, among other things: (1) certain related party transactions relating to the Companya™s purported major staffing company; (2) that the Company had vastly overstated its operating margins; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Companya™s statements were materially false and misleading at all relevant times.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Longtop securities between May 15, 2009, and May 17, 2011, you have certain rights and have until July 22, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice 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, by email to [ howardsmith@howardsmithlaw.com ] or visit our website at [ http://www.howardsmithlaw.com ].