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Cemtrex Hit With Shareholder Derivative Suit Over Stock-Drop

Law360 (July 12, 2018, 6:28 PM EDT) -- Industrial equipment manufacturer Cemtrex Inc. and its executive officers were hit with a shareholder derivative lawsuit in New York federal court Wednesday, claiming that information made public in a series of online articles caused stock values to plummet.

Investors say the New York-based company and five of its directors failed to disclose stock purchases, concealed the swap of debt instruments for additional securities and misrepresented the company's performance in the automotive industry and its ownership of an Indian subsidiary.

“Cemtrex used these acquisitions and related-party debt...
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Case Information

Case Title

Desmond-Newman v. Govil et al


Case Number

2:18-cv-03992

Court

New York Eastern

Nature of Suit

160(Stockholders Suits)

Date Filed

July 11, 2018

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Government Agencies

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