Cemtrex, Inc. Comments on Alleged Securities Class Action Litigation & Retains the Law Firm of Lane Powell
March 2, 2017
FARMINGDALE, N.Y. — Cemtrex, Inc. (NasdaqCM: CETX, CETXP, CETXW) announced today that it is aware of three alleged securities class action complaints filed against the Company in the United States District Court for the Eastern District of New York, as well as press releases by plaintiffs’ law firms concerning the litigation. The Company understands that these three alleged class actions, as well as any further alleged class actions, will be consolidated into a single lawsuit, under the requirements of the Private Securities Litigation Reform Act of 1995.
The allegations contained in these three complaints are based on the blog post published by Richard Pearson on the Seeking Alpha website, on which the Company commented in its February 22, 2017 press release. As stated in that press release, the Company denies the assertions contained in the Seeking Alpha blog post and is considering options to seek redress for the harm the blog post has caused the Company and its shareholders.
The Company also believes the alleged securities class action litigation is meritless and intends to defend itself vigorously. The Company has retained Doug Greene of Lane Powell PC, a national securities class action defense lawyer, to defend the litigation, and intends to seek dismissal of the litigation at the earliest possible stage.
Cemtrex, Inc. (CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today’s technology challenges and is rapidly growing through acquisitions. Cemtrex provides manufacturing services of advanced custom engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants and Greenhouse gases used in carbon trading globally.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. These forward-looking statements are inherently difficult to predict. Actual results, including all matters relating to the engagement of counsel and potential legal proceedings involving the above investigation, could differ materially for a variety of reasons. Our filings with the SEC identify important factors that could cause our actual results to differ materially from those contained in our forward-looking statements.