Don’t Invest in Longwei Petroleum Investment Hold Ltd (LPH)
Longwei is purportedly occupied with the wholesale conveyance of completed petroleum items in the People’s Republic of China (the “PRC”). LPH’s home office are situated in Taiyuan, Shanxi Province, adjoining and ignoring its Taiyuan fuel storeroom. LPH has a reported fuel stockpiling limit of 220,000 metric tons situated at three storerooms inside Shanxi: Taiyuan, Gujiao and Huajie, which it claims have singular stockpiling limits of roughly 50,000 metric tons (“mt”), 70,000mt, and 100,000mt, separately.
Lamentably for proprietors of LPH stock, analysts have discovered that the organization’s indicated business operations are hugely exaggerated and a bold extortion, on a request of size unmatched before by any China-based organizations we have seen.
Moreover, analysts have no confidence in LPH’s inspector, Anderson Bradshaw. This is on account of the company’s head of value control, Russell Anderson, was the review accomplice of YUII while he worked at Child, Van, Wagoner and Bradshaw. Russell neglected to recognize the huge YUII extortion we revealed and did not leave until the YUII Chairman conceded misrepresentation.
LPH stock as analyst think is practically useless, totally un-investable and ought to be promptly delisted by the New York Stock Exchange (“NYSE”). We are sending the greater part of our proof to the NYSE and different securities controllers, pretty much as we have done in earlier cases.
Recently, on June 27 — China-based Longwei Petroleum Investment Holding Ltd. and its chief financial officer Michael Toups made fraudulent misrepresentations about the concern’s storage capacity, the Securities and Exchange Commission.
The agency is asking the court to order permanent injunctions, civil money penalties, disgorgement plus prejudgment interest, and an officer/ director bar against Toups. The commission also launched an administrative proceeding against Longwei to decide whether to suspend or revoke the registration of its securities.
Its outstanding shares are standing around 100,179,198, while authorized share are unlimited.