NEW YORK, Oct. 19, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of China Evergrande Group (“Evergrande” or the “Company”) (OTCMKTS: EVGRF). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 18, 2021, The Wall Street Journal published an article entitled “How Beijing’s Debt Clampdown Shook the Foundation of a Real-Estate Colossus: China Evergrande’s looming collapse and its ripple effect on the economy will pose a test for the government’s campaign to keep housing affordable for the masses” which stated, among other things, that “[t]he party has ended. Years of aggressive borrowing have collided with Beijing’s crackdown on debt, leaving [China Evergrande] on the brink of collapse.”
On this news, Evergrande’s stock price fell $0.08 per share, or 18%, to close at $0.327 per share on September 20, 2021.
Then, on September 28, 2023, Reuters published an article entitled “Evergrande says chairman under investigation over suspected ‘illegal crimes’”, which reported how trading in China Evergrande had been suspended after a report that its chairman had been placed under police watch.
On this news, trading in Evergrande’s shares was halted indefinitely.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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