SAN DIEGO--(BUSINESS WIRE)--Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Yuhe International, Inc. (NASDAQ: YUII). Yuhe supplies day-old chickens raised for meat production or broilers in the People's Republic of China, and engages in the production and sale of feed stock. The company was founded in 1996 and is headquartered in Weifang, Shandong province, China.
If you own stock in Yuhe and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on our website.
Robbins Umeda LLP's investigation focuses on whether Yuhe's directors and officers made improper statements concerning the company's financial condition and business prospects. On June 23, 2011, Yuhe filed an 8-K with the U.S. Securities and Exchange Commission announcing the resignation of its independent auditor. The same 8-K also stated that the auditor resigned due to "management's misrepresentation and failure to disclose material facts surrounding certain acquisition transactions and off balance sheet related party transactions." Upon resignation, the auditor also warned that financial statements provided by the company for the year ended December 31, 2010, should no longer be relied upon.
Since these allegations of Yuhe's financial incongruities and accounting improprieties have surfaced, the company's stock price has plummeted to record lows. After trading as high as $10.41 per share in November 2010, the company's stock closed at just $1.21 on June 17, 2011. Additionally, on June 17, 2011, the NASDAQ announced that it would indefinitely suspend trading of the company's stock on its exchange, pending an investigation into financial statements released by the company.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/yuhe-international-inc/
Attorney Advertising.