Robbins Umeda LLP Announces an Investigation of Wonder Auto Technology, Inc. for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible violations of the law by Wonder Auto Technology, Inc. (NASDAQGS: WATG) and certain of its officers and directors. Wonder Auto, through its subsidiaries, engages in the design, development, manufacture, and marketing of electrical parts, suspension products, and engine components. Wonder Auto is headquartered in the Jinzhou City, the People’s Republic of China and is incorporated in Nevada.
Robbins Umeda LLP’s investigation focuses on whether Wonder Auto and its directors and officers violated applicable laws due to the company incorrectly recognizing revenue and failing to properly disclose several transactions.
On March 17, 2011, Wonder Auto announced that it would be unable to timely file its Form 10-K for the 2010 fiscal year, and that its financial statements for the fiscal years 2008, 2009, and 2010, and for the fiscal quarters ending March 31, June 30, and December 31, 2010 should no longer be relied upon because of an error in its revenue calculations. On May 6, 2011, Nasdaq halted trading in Wonder Auto’s common stock. Then, on May 12, 2011, Wonder Auto announced that its Audit Committee had undertaken an internal investigation as to whether the company has engaged in several related-party transactions without properly disclosing their self-dealing nature. The company stated that it does not expect its U.S. Securities and Exchange Commission filings will be completed until the completion of the investigation, which it expects to continue through at least June 2011.
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