American law firm launches group lawsuit against Orchid Pavilion

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Beijing time August 28 Morning news, the United States law firm Federman & Sherwood announced in Tuesday, the firm has on 27th to the Orchid Pavilion set (NYSE:LITB) launched a group lawsuit.

Federman & Sherwood said the firm had filed a class action against the U.S. Regional Court in the Southern District of New York against the Orchid Pavilion, accusing the Orchid pavilion of violating rule 10b-5 rules and regulations in the 1934 United States Securities Act sections (b) and (a) Regulations , including the allegation that the pavilion was a market-oriented publication of a series of materials or false statements, resulting in the group litigation period (June 6, 2013 to August 19, 2013) to create a view of the impact of raising the market price.

The plaintiff sought to recover the losses of all shareholders who had bought the common stock of the company during the period of the group proceedings, and who had purchased the shares of the common stock of the orchid Pavilion during the period. (Tangfeng)