Industrial Metals

Puda Coal Inc. (AMEX:PUDA) is being sued by securities purchasers over allegations that the company violated securities laws.

Puda Coal Inc. (AMEX:PUDA) is being sued by securities purchasers over allegations that the company violated securities laws.

The press release is quoted as saying:

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements to investors by failing to disclose that the Company’s Chairman, Ming Zhao, had transferred ownership of Puda’s operating entity, Shanxi Puda Coal Group Co., Ltd., to himself, thereby rendering Puda an empty shell company.

To read the full press release, click here.

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