Key Developments: SinoHub Inc (SIHI.PK)
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8 May 2013
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Latest Key Developments (Source: Significant Developments)
Levi & Korsinsky Commences Class Action Lawsuit On Behalf Of Investors Of SinoHub Inc
Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased SinoHub Inc stock between May 17, 2010 and August 21, 2012. The complaint alleges that SinoHub and certain of its officers and directors issued materially false and misleading financial information. Furthermore, it is alleged that SinoHub concealed the fact that its internal controls over financial reporting were ineffective. In a September 19, 2012 press release, it was announced that SinoHub's auditors resigned citing potentially inaccurate financial data, as did several members of its Board of Directors. Full Article
Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline in Class Action Lawsuit Against SinoHub Inc
The Law Offices of Todd M. Garber announced that shareholders of SinoHub Inc have until January 22, 2013 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Southern District of New York. The lawsuit was filed on behalf of a class (the Class) comprising all purchasers of SinoHub securities between May 17, 2010 and August 21, 2012, inclusive (the Class Period). The Complaint alleges that the Company failed to implement and maintain adequate internal controls over financial reporting, resulting in the use of improper accounting procedures and the overstatement of the Company's financial performance and prospects. On August 21, 2012 SinoHub issued a press release announcing that it was unable to file its quarterly report on Form 10-Q for the quarter ended June 30, 2012 within the five-day extended period afforded to it pursuant to a Notification of Late Filing on Form 12b-25 that the Company filed with the Securities and Exchange Commission on August 14, 2012. Full Article
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against SinoHub Inc
The Law Offices of Todd M. Garber announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class comprising all purchasers of the securities of SinoHub Inc between May 17, 2010 and August 21, 2012, inclusive (the Class Period). The Complaint alleges that the Company failed to implement and maintain adequate internal controls over financial reporting, resulting in the use of improper accounting procedures and the overstatement of the Company's financial performance and prospects. On August 21, 2012 SinoHub issued a press release announcing that it was unable to file its quarterly report on Form 10-Q for the quarter ended June 30, 2012 within the five-day extended period afforded to it pursuant to a Notification of Late Filing on Form 12b-25 that the Company filed with the Securities and Exchange Commission on August 14, 2012. According to the Company, it was unable to timely file its quarterly report because of a delay in retrieving information requested by auditors to confirm prior period sales associated with electronic component sales business. In addition, the Company released preliminary financial results for the quarter ended June 30, 2012 showing a net loss of $2.7 million for the quarter. Full Article
Law Offices Of Howard G. Smith Announces Lead Plaintiff Deadline In Class Action Lawsuit Against SinoHub Inc
Law Offices of Howard G. Smith announced that investors of SinoHub, Inc. (SinoHub or the Company) have until January 21, 2013 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York on behalf of a class (the Class) comprising all purchasers of SinoHub common stock between May 17, 2010 and August 21, 2012, inclusive (the Class Period). SinoHub operates as an electronics company worldwide offering electronic component sales and services. The Complaint alleges that the Company failed to implement and maintain adequate internal controls over financial reporting, resulting in the use of improper accounting procedures and the overstatement of the Company's financial performance and prospects. Full Article
Levi & Korsinsky, LLP Announces Class Action Against SinoHub Inc
Levi & Korsinsky, LLP announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased SinoHub, Inc. stock between May 17, 2010 and August 21, 2012 . Full Article
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against SinoHub Inc
Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of a class consisting of all purchasers of the common stock of SinoHub Inc between May 17, 2010 and August 21, 2012, inclusive (the Class Period). The Complaint alleges that the Company failed to implement and maintain adequate internal controls over financial reporting, resulting in the use of improper accounting procedures and the overstatement of the Company's financial performance and prospects. On August 21, 2012 SinoHub issued a press release announcing that it was unable to file its quarterly report on Form 10-Q for the quarter ended June 30, 2012 within the five-day extended period afforded to it pursuant to a Notification of Late Filing on Form 12b-25 that the Company filed with the Securities and Exchange Commission on August 14, 2012. According to the Company, it was unable to timely file its quarterly report “because of a delay in retrieving information requested by our auditors to confirm prior period sales associated with our electronic component sales business.” In addition, the Company released preliminary financial results for the quarter ended June 30, 2012 showing a net loss of $2.7 million for the quarter. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against SinoHub, Inc.
Glancy Binkow & Goldberg LLP announced that all purchasers of the common stock of SinoHub, Inc. between May 17, 2010 and August 21, 2012, inclusive (the Class Period) have until January 22, 2013 to file a motion with the Court to be appointed as lead plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Western District of Washington. The Complaint alleges that the Company failed to implement and maintain adequate internal controls over financial reporting, resulting in the use of improper accounting procedures and the overstatement of the Company's financial performance and prospects. Full Article
Rosen Law Firm Files Securities Fraud Class Action Against SinoHub Inc
The Rosen Law Firm announced that it has filed a class action lawsuit on behalf of all persons who purchased SinoHub, Inc. stock from May 17, 2010 through August 21, 2012. The action is pending in the U.S. District Court for the Southern District of New York. The Complaint asserts violations of the federal securities laws against SinoHub and certain of its officers and directors for issuing materially false financial information. In addition, SinoHub allegedly concealed that its internal controls over financial reporting were ineffective. SinoHub's auditors resigned citing potentially inaccurate financial data, as did several members of its board of directors. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against SinoHub Inc
Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of a class comprising all purchasers of the common stock of SinoHub, Inc. between May 17, 2010 and August 21, 2012, inclusive. The Complaint alleges that the Company failed to implement and maintain adequate internal controls over financial reporting, resulting in the use of improper accounting procedures and the overstatement of the Company's financial performance and prospects. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation Of SinoHub Inc
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of purchasers of the common stock of SinoHub Inc concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by SinoHub between May 17, 2010 and August 21, 2012 were false and misleading concerning the Company’s financial performance and prospects. The investigation is related to allegations that the Company failed to implement and maintain adequate internal controls over financial reporting, resulting in the use of improper accounting procedures and the overstatement of the Company's financial performance and prospects. On August 21, 2012 SinoHub issued a press release announcing that it was unable to file its quarterly report on Form 10-Q for the quarter ended June 30, 2012 within the five day extended period afforded to it pursuant to a Notification of Late Filing on Form 12b-25 that the Company filed with the Securities and Exchange Commission on August 14, 2012. According to the Company, it was unable to timely file its quarterly report “because of a delay in retrieving information requested by our auditors to confirm prior period sales associated with our electronic component sales (ECP) business.” In addition, the Company released preliminary financial results for the quarter ended June 30, 2012 showing a net loss of $2.7 million for the quarter. Full Article
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