BOCA RATON, FL--(Marketwired - February 24, 2017) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Eastern District of New York against Cemtrex, Inc. ("Cemtrex" or the "Company") (CETX) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period between December 7, 2016 and February 21, 2017, inclusive (the "Class Period").
Cemtrex provides electronic manufacturing services of advanced electric system assemblies, instruments & emission monitors for industrial processes, and industrial air filtration & environmental control systems. The Company is incorporated in Delaware and maintains its principal executive offices in Farmingdale, New York.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) over $1 million has been paid to notorious stock promoters since late 2015; (2) the entity paying for the stock promotion was owned by Defendant Aron Govil and based out of Cemtrex's corporate headquarters; (3) senior executives engaged in undisclosed insider selling; (4) the Company retained a foreign accounting firm with a history of fraudulent endeavors to conduct its financial audits; and (5) as a result of the foregoing, Defendants' statements about Cemtrex's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
If you purchased Cemtrex common stock during the Class Period of December 7, 2016 and February 21, 2017 and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court by no later than April 25, 2017. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, Florida, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.