| Company: | Yuhe International, Inc |
| Ticker Symbol: | YUII |
| Class Period: | Dec-31-09 to Jun-23-11 |
| Date Filed: | Jun-24-11 |
| Lead Plaintiff Deadline: | Aug-23-11 |
| Court: | Southern District of Florida |
| Allegations: | |
The Complaint asserts violations of the federal securities laws against Yuhe and its officers and directors for issuing false and misleading information to investors about the financial and business condition of the Company. The Complaint alleges that (a) Yongye's financial results as reported to the SEC for the fiscal years ended 2009 and 2010 were materially false and misleading; (b) Yuhe lied to investors about its purported acquisition of 13 breeder farms from Weifangshi Dajiang Qiye Group Co. Ltd. ("Dajiang"); and (c) Yuhe's business was not growing at the rate represented by defendants.
The Complaint alleges that on or about June 16, 2011 information from an analyst entered the market, quoting Dajiang's chairman, that Yuhe did not acquire Dajiang's farms, as Yuhe had represented in its SEC filings and other public statements. This announcement shocked the market and Yuhe's stock lost more than half of its value. On June 17, 2011, trading in the Company's stock was halted. On June 23, 2011, the Company announced its auditor had resigned because of Yuhe "management's misrepresentation and failure to disclose material facts surrounding certain acquisition transactions and off balance sheet related party transactions." Moreover, the auditor stated that its audited financial statements of Yuhe International, Inc. for the year ended December 31, 2010 should no longer be relied upon and that the auditor no longer will be associated with the financial statements.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
