LOS ANGELES, CA / ACCESSWIRE / July 31, 2018 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of China Auto Logistics Inc. ("China Auto Logistics" or the "Company") (NASDAQ: CALI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On April 2, 2018, China Auto Logistics declared that it was unable to file its Annual Report on Form 10-K for the period ended December 31, 2017 in a timely manner, because it required additional time to ''identify certain related party transactions and the impact of such transactions for the preparation of the financial statements for the Form 10-K.'' The Company also stated that it had identified a material weakness in its internal controls related to ''identifying and reporting certain relationships and related transactions.'' Once this news reached the marketplace, shares of China Auto Logistics fell over 19%, or $0.66 per share to close at $2.79 on April 2, 2018.
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The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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SOURCE: The Schall Law Firm