Notice of Class Action Filed Against CHINA ENERGY SERVICES TECHNOLOGY, INC (CESV) By Kantrowitz, Goldhamer & Graifman, P.C.
17 Mai 2006 - 9:10PM
Business Wire
Notice is hereby given that a lawsuit has been filed in the U.S.
District Court for the Southern District of New York by the law
firm of Kantrowitz, Goldhamer & Graifman, P.C. of Chestnut
Ridge, New York on behalf of the plaintiff and a proposed class of
purchasers of securities of CHINA ENERGY SERVICES TECHNOLOGY, INC.
(NASDAQ: CESV) ("China Energy" or "Company") against China Energy
and certain officers and directors for the class period April 21,
2005 through February 15, 2006 ("Class Period"). The complaint
alleges that China Energy and certain officers and directors
violated Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 and Rule 10b-5 promulgated thereunder, by making false and
misleading statements and omissions concerning the company's
management activities, sale of restricted stock and other insider
sales which violated the federal securities laws. As a result of
these alleged violations, the price of securities of China Energy
was artificially inflated during the Class Period. The complaint
alleges that the Company failed to disclose that the Company and
individual officers and directors allowed Company insiders to
self-deal in the Company's January 2006 private placement; that the
Company failed to comply with the SEC and NASDAQ rules and
regulations regarding limitations on sales of restricted stock;
that the failure to comply with such rules and regulations would
result in trading of the Company's stock being halted by the
NASDAQ; and that trading of China Energy stock was, indeed, halted
by the NASDAQ as of February 15, 2006. Plaintiff seeks to recover
damages on his own behalf and on behalf of the Class and is
represented by the law firm of Kantrowitz, Goldhamer &
Graifman, P.C. The firm has significant experience successfully
prosecuting complex securities fraud class actions on behalf of
defrauded investors. If you were a purchaser of China Energy
securities during the Class Period, you may, not later than sixty
(60) days from May 1, 2006 move the court to serve as lead
plaintiff, if you so choose. In order to serve as lead plaintiff,
however, you must meet certain legal requirements. You can see more
information concerning this lawsuit on Kantrowitz, Goldhamer &
Graifman's website: www.kgglaw.com. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests with respect to this matter, please contact: Gary S.
Graifman at Kantrowitz, Goldhamer & Graifman, P.C. toll-free at
800/660-7843 or via Internet e-mail at ggraifman@kgglaw.com or by
writing, Kantrowitz, Goldhamer & Graifman, 747 Chestnut Ridge
Road, Chestnut Ridge, New York 10977.
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