NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A. announces that it has filed a class action lawsuit on behalf of investors who purchased SkyPeople Fruit Juice, Inc. (NASDAQ: SPU) securities during the period from March 31, 2010 to April 4, 2011.
To join the SkyPeople class action, visit the Rosen Law Firm’s website at http://www.rosenlegal.com, or call Jonathan Horne, Esq., toll-free, at 866-767-3653; you may also email jhorne@rosenlegal.com for information on the class action. The case is pending in the United States District Court for the Southern District of New York.
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. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that SkyPeople engaged in undisclosed related party transactions in violation of the federal securities laws. On March 31, 2010, the Company issued its Annual Report on Form 10-K for the year ending December 31, 2009. The Company stated that there were no related party transactions that year. On April 1, 2011, the Company issued its Annual Report on Form 10-K for the year ending December 31, 2010. It stated that one of the Company’s major acquisitions in 2009, Yingkou Trusty Fruits Co., Ltd., had been 46% owned by a company which in turn was 80% owned by SkyPeople’s CEO and 20% owned by a director of SkyPeople.
On April 1, 2011, Roth Capital Partners cut their price target for SkyPeople from $13 to $4.50, citing concerns about related party transactions. From March 31, 2011 to April 4, 2011 (two trading days), SkyPeople stock price fell from $4.41 per share to $3.57 per share, damaging investors.
If you wish to join the class action as serve as lead plaintiff, you must move the Court no later than June 20, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. For more information or to discuss your rights or interests regarding this class action, please contact Jonathan Horne, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at jhorne@rosenlegal.com. You may also visit the firm’s website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.