Robbins Arroyo LLP: Cemtrex, Inc. (CETX) Misled Shareholders According to an Amended Class Action Complaint
SAN DIEGO & FARMINGDALE, N.Y.--(BUSINESS WIRE)--Aug 7, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Cemtrex, Inc. (NasdaqCM: CETX) filed an amended class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between December 26, 2012 and March 6, 2017. Cemtrex provides electronic manufacturing services of electric system assemblies, broad-based industrial services, and industrial air filtration and environmental control equipment and systems worldwide.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/cemtrex-inc/
Cemtrex Accused of Scheming to Manipulate the Company’s Stock
According to the complaint, Cemtrex insiders schemed to use the company for their own private gain by manipulating its common stock. In furtherance of this conspiracy, Cemtrex used acquisitions to give the illusion of a prospering company while simultaneously lining the pockets of its prominent insiders through related party transactions, lucrative incentive awards, and unreported stock sales. In the process, Cemtrex officials not only avoided their mandatory reporting responsibilities to report all transactions involving Cemtrex securities, but concealed the exchange of debt instruments for additional securities. When the discrepancies in Cemtrex’s reported insider holdings and misrepresentations about the performance of the company’s automotive business were brought to investors’ attention in February 2017, Cemtrex’s stock price plummeted and has since continued to decline.
Cemtrex Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20180807005870/en/
CONTACT: Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 08/07/2018 03:49 PM/DISC: 08/07/2018 03:49 PM