NEW ORLEANS, Jan. 19, 2011 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and its partner, the former Louisiana Attorney General Charles C. Foti, Jr. remind investors that only 44 days remain to file lead plaintiff applications in a securities fraud class action lawsuit against Tongxin International, Ltd. ("Tongxin" or the "Company") (OTCBB:TXIC). The lawsuit was filed in the United States District Court for the Eastern District of New York on behalf of purchasers of the common stock of the Company between May 15, 2009 and December 14, 2010, inclusive (the "Class Period"). No class has yet been certified in this action.
What You May Do
If you are a Tongxin shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free 1-877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by March 4, 2011. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KSF encourages both institutional and individual purchasers of Tongxin to contact the firm. The ultimate resolution of any securities class action is strengthened through the involvement of aggrieved shareholders and lead plaintiffs who have large financial interests. KSF also encourages anyone with information regarding Tongxin's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About the Lawsuit
Tongxin and certain of its Officers and Directors are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934. In particular, the Complaint alleges that Tongxin failed to disclose the truth concerning multiple issues related to the Company's operations.
Starting from June 30, 2010, the Company slowly began to disclose problems previously hidden from the public, including their failure to timely file with the SEC its required audited consolidated financial statements, the delisting of the Company's stock on NASDAQ, the Company's lowered expected revenues for fiscal year 2010, removal of key executives, and the announcement of the Company's legal proceedings against their former Chief Executive Officer and Chief Financial Officer for embezzlement.
In reaction to this news, shares of Tongxin common stock fell from prices trading as high as $6.16 per share to as low as $1.35 per share, representing a drop of more than 75%.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million SettlementIn re BigBand Networks, Inc Securities Litigation 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel$11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation 2:07-cv-02030-GW-JC (C.D. Cal.), Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.
CONTACT: Kahn Swick & Foti, LLC Lewis Kahn, Managing Partner, 877-515-1850 or after hours via cell phone 504-301-7900 lewis.kahn@ksfcounsel.com 206 Covington St. Madisonville, LA 70447