Bernstein liebhard llp investigating china automotive systems, inc.

New york--(business wire)--bernstein liebhard llp is investigating whether china automotive systems, inc. (“china automotive” or the “company”) (nasdaq: caas) issued materially inaccurate financial statements to the investing public. on march 12, 2011, china automotive’s audit committee of the board of directors stated that the previously issued financial statements for the fiscal year ended december 31, 2009, the related auditors' report, as well as unaudited interim consolidated financial statements for the quarterly periods ended march 31, june 30 and september 30, 2010, should no longer be relied upon. on march 17, 2011, china automotive announced it expected to restate its financial statements for the 2009 fiscal year and three quarters of the 2010 fiscal year due to errors in accounting related to the company’s convertible notes issued on february 15, 2008. after the march 17th news of the impending restatement, shares of china automotive dropped from a close of $10.23 on march 16, 2011 to a march 17th closing price of $8.81 per share. due to the delay in filing, the nasdaq stock market has notified the company of its failure to comply with nasdaq’s continued listing requirements, which requires that the company files quarterly reports with the sec in a timely fashion. china automotive has until may 16th to inform nasdaq of its plan to regain compliance. if you are interested in discussing your rights as a china automotive shareholder and/or have information relating to the matter, please contact joseph r. seidman, jr. at (877) 779-1414 or seidman@bernlieb.com. bernstein liebhard has pursued hundreds of securities, consumer cases and recovered almost $3 billion for its clients. it has been named to the national law journal’s “plaintiffs’ hot list” in each of the last eight years. www.bernlieb.com attorney advertising. © 2011 bernstein liebhard llp. the law firm responsible for this advertisement is bernstein liebhard llp, 10 east 40th street, new york, new york 10016, (212) 779-1414. prior results do not guarantee or predict a similar outcome with respect to any future matter.
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