NEW YORK, June 06, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against China Auto Logistics Inc. (“China Auto” or the “Company”) (Nasdaq:CALI) in the United States District Court for the District of New Jersey on behalf of a class consisting of investors who purchased or otherwise acquired China Auto securities on the open market from March 28, 2017 through April 13, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) China Auto failed to maintain adequate internal controls over identifying and reporting certain relationships and related transactions; and (2) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the August 6, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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