Troubled Longtop Financial Slapped With Investor Suit

Law360, New York (May 26, 2011, 6:19 PM EDT) -- Troubled Hong Kong-based financial services software developer Longtop Financial Technologies Ltd. was hit with a proposed class action Monday following claims that the company lied extensively to investors and exaggerated the size of its profit margins.

A U.S. investor, Joe Mikus, is suing the firm for fraud in federal court in California and is seeking compensatory damages. His lawyers at the Rosen Law Firm in Los Angeles expect that there may be 3,000 members in the class, which, according to the complaint, may include anyone who...
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