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Cohen Milstein Sellers & Toll PLLC Announces Investigation of Sino-Forest Corp.
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Press Release Source: Cohen Milstein Sellers & Toll PLLC On Tuesday September 6, 2011, 10:51 am EDT
WASHINGTON--(BUSINESS WIRE)-- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Sino-Forest Corp. (“Sino-Forest” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions between March 31, 2009 and August 26, 2011 or otherwise violated the rights of shareholders.
Several class action lawsuits have been filed in Canada on behalf of purchasers of the common stock of Sino-Forest Corp. (TSX:TRE.TO.to - News); however, as of the date of this press release we are not aware of any cases that have been filed in the United States on behalf of purchasers of Sino-Forest shares trading in the U.S. (OTC:SNOFF.PK.ob - News).
Sino-Forest Corp. is a commercial forest plantation company that operates primarily in the People’s Republic of China (“PRC”). The company acquires, cultivates, and sells standing timber or logs; and sources and sells logs, veneer, sawn timber, and other wood-based products.
The complaints filed in Canada allege that Sino-Forest and certain of its officers and/or directors (“Defendants”) misrepresented and/or failed to disclose that: (1) the Company overstated its forestry assets; (2) the Company misrepresented its revenue recognition practices; (3) the Company reported materially inflated revenue and income; (4) the Company’s stock price was artificially inflated because of the Company’s misrepresentations; (5) as a result of the foregoing, the Company's financial statements were misstated and were not prepared in accordance with generally accepted accounting principles, and (6) the Company lacked adequate internal and financial controls.
On June 2, 2011, Muddy Waters, a short seller and research firm, issued its first research report in relation to Sino-Forest, which effectively revealed, among other things, that Sino-Forest had materially misstated its financial results, had falsely claimed to have acquired trees that it did not own, had reported sales that had not been made, or that had been made in a manner that did not permit Sino-Forest to book those sales as revenue, and had concealed numerous related party transactions.
On June 1, 2011, prior to the publication of Muddy Waters’ report, Sino-Forest’s common shares closed at $18.21. After the Muddy Waters report became public, Sino-Forest shares fell to $14.46, at which point trading was temporarily halted. When trading resumed the next day, Sino-Forest’s shares fell to a close of $5.23 (a decline of 71.3% from June 1).
On June 18 and June 19, 2011, the Globe published investigatory articles that revealed, among other things, that Sino-Forest had “substantially overstated the size and value of its forestry holdings in China’s Yunnan province.” After the close of markets on June 20, it was revealed that certain entities affiliated with Paulson & Co., which had been Sino-Forest’s largest shareholder, had sold all of their holdings. On August 26, 2011, the Ontario Securities Commission halted trading in Sino-Forest’s securities indefinitely, alleging that Sino-Forest appeared to have engaged in significant non-arm’s length transactions which may have been contrary to Ontario securities laws and the public interest, that Sino-Forest and certain of its officers and directors appeared to have misrepresented some of Sino-Forest’s revenue and/or exaggerated some of its timber holdings, and that Sino-Forest and certain of its officers and directors appeared to be engaging or participating in acts, practices or a course of conduct related to Sino-Forest’s securities which they knew or ought reasonably know would perpetuate a fraud.
The Company announced the resignation of its CEO and Chairman, Allen Chan, on August 29, 2011, and also disclosed that three employees had been placed on administrative leave.
Cohen Milstein encourages all purchasers of Sino-Forest shares on the United States over-the-counter market to contact the firm. If you are a Sino-Forest shareholder and would like to discuss your right to recover for your economic loss or to enforce your rights as a shareholder, 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 stoll@cohenmilstein.com.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, Chicago, and West Palm Beach, and is active in major litigation pending in federal and state courts throughout the nation.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC 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 over a billion 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.
Tyler Gaffney
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; tgaffney@cohenmilstein.com
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