Law Offices of Howard G. Smith Announces Investigation of AutoChina International Limited
July 01 2011 - 8:45PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against AutoChina International
Limited (“AutoChina” or the “Company”) (NASDAQ:AUTC) concerning
possible violations of federal securities laws. The investigation
focuses on allegations that certain statements issued by the
Company regarding AutoChina’s business, operations and financial
performance were false and misleading.
AutoChina, through its subsidiary, AutoChina Group Inc., owns
and operates a commercial vehicle financing and service centers
network in the People’s Republic of China. The investigation is
related to the Company’s June 30, 2011, announcement that AutoChina
is being investigated by the U.S. Securities and Exchange
Commission, and expects to restate its previously issued financial
statements for the year ended December 31, 2009, and subsequent
periods “to recognize a derivative liability relating to the
Earn-out Share Provision, which was part of its initial business
combination in 2009.” In addition, the Company disclosed that
during AutoChina’s 2010 year-end process, the Company identified a
material weakness in its internal control over financial reporting
as of December 31, 2010, “due to a lack of requisite internal U.S.
GAAP experience.”
If you purchased AutoChina securities, if you have information
or would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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