The Shareholders Foundation announces that an investigation on behalf of investors of Guanwei Recycling Corp. (NASDAQ:GPRC) shares was launched over potential securities laws violations by Guanwei Recycling and certain of its directors and officers.
Investors who purchased shares of Guanwei Recycling Corp. (NASDAQ:GPRC) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Guanwei Recycling Corp. (NASDAQ:GPRC) concerning whether a series of statements by Guanwei Recycling regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Guanwei Recycling Corp. reported that its annual Total Revenue declined from $79.04 million in 2012 to $72.26 million in 2013 and that its Net Income fell from $11.84 million in 2012 to $9.70 million in 2013.
Shares of Guanwei Recycling Corp. split 1:2 on December 5, 2012. Since the NASDAQ:GPRC shares grew from $1.251 per share in April 2013 to as high as $3.31 per share in March 2014.
Then on May 5, 2014, the Securities and Exchange Commission (“SEC”) charged a Toronto-based consultant and four associates with allegedly conducting illegal reverse merger schemes to bring a pair of China-based companies into the U.S. markets so they could manipulate trading and reap millions of dollars in illicit profits. The SEC alleges that S. Paul Kelley and three of the associates acquired controlling interests in two U.S. public shell companies in order to orchestrate reverse mergers with China Auto Logistics Inc. and Guanwei Recycling Corp. According to the SEC’s complaint filed in U.S. District Court for the District of New Jersey, the schemes involving China Auto and Guanwei Recycling occurred in 2008 and 2009. Becker, Lockhart, and Tazbaz orchestrated manipulative trading in a third China-based issuer Kandi Technologies in 2009 and 2010.
On May 27, 2014, NASDAQ:GPRC shares closed at $1.38 per share.
Those who purchased shares of Guanwei Recycling Corp. (NASDAQ:GPRC), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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