WASHINGTON--(BUSINESS WIRE)--
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Cemtrex, Inc. (“Cemtrex” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
The first of several class action lawsuits was filed in the U.S. District Court for the Eastern District of New York by another law firm on behalf of purchasers of the common stock of Cemtrex, Inc. (NASDAQ: CETX) between February 11, 2016 and February 22, 2017, inclusive (the “Class Period”).
The complaint alleges that Cemtrex and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) defendant Aron Govil, current Executive Director and former Chairman, Treasurer, President and Chief Executive Officer at Cemtrex, had a role at Southern Steel & Construction Inc., which was allegedly paying a stock promoter to market Cemtrex stock; and (2) as a result, Defendants’ statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
On February 22, 2017, Seeking Alpha published a lengthy article titled “Cemtrex: Documents And Photos, All Signs Point To Deception And Failure.” The article asserted: (1) insiders paid stock promoters to hype Cemtrex shares; (2) insiders disposed of substantial amounts of their Cemtrex stock while the shares were artificially inflated and without disclosing those sales; and (3) Cemtrex shares will likely be delisted and “go to effectively zero.” The price of Cemtrex shares fell from $5.12 to $3.40 on February 22.
Cohen Milstein encourages all investors who purchased Cemtrex common stock between February 11, 2016 and February 22, 2017, or former employees with information concerning this matter to contact the firm.
If you are a Cemtrex shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected]. If you wish to serve as lead plaintiff, you must move the Court no later than April 25, 2017 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Robin Bleiweis
Cohen Milstein Sellers &
Toll PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
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