LOS ANGELES, CA / ACCESSWIRE / June 3, 2018 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of China Auto Logistics Inc. ("China Auto Logistics" or the "Company") (NASDAQ: CALI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On April 2, 2018, China Auto Logistics declared that it was unable to file its Annual Report on Form 10-K for the period ended December 31, 2017 in a timely manner, because it required additional time to ''identify certain related party transactions and the impact of such transactions for the preparation of the financial statements for the Form 10-K.'' The Company also stated that it had identified a material weakness in its internal controls related to ''identifying and reporting certain relationships and related transactions.'' Once this news reached the marketplace, shares of China Auto Logistics fell over 19%, or $0.66 per share to close at $2.79 on April 2, 2018.
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SOURCE: The Schall Law Firm