The law firm of Berman DeValerio filed a securities class action lawsuit today against SinoTech Energy Limited (NASDAQ: CTE) (“SinoTech” or the “Company”), and certain of its officers, directors and underwriters.

Berman DeValerio (www.bermandevalerio.com) is one of the nation’s top law firms representing investors who seek to recover money due to stock fraud. The lawsuit, which is captioned Crayder v. SinoTech Energy Limited, et al., 11-cv-5935, is pending in the United States District Court for the Southern District of New York. To receive a copy of the complaint, please call Berman DeValerio at (800) 516-9926 or click here.

The lawsuit alleges violations of the United States securities laws on behalf of purchasers of SinoTech’s American Depository Shares (“ADSs”) from November 3, 2010 through August 16, 2011 (the “Class Period”), including purchasers of ADSs in the Company’s November 3, 2010 initial public offering (the “November IPO”). Claims for November IPO purchasers arise under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 (the “Securities Act”). Claims for other Class Period purchasers fall under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission.

The lawsuit asserts numerous problems with SinoTech’s previously issued financial statements and declarations about its future prospects. Among other claims, the complaint alleges that: (1) the Company’s sole import agent, which accounted for more than $100 million worth of oil drilling equipment orders, is an empty shell company with no sign of operations; (2) the Company’s only chemical supplier is also an empty shell company, with little or no revenues; (3) the Company’s largest subcontracting customer, which provides the vast majority of SinoTech’s revenues, has unverifiable operations with minimal revenues; (4) the financial statements SinoTech issued in the United States are inconsistent with similar filings the Company made in China; (5) the Company has engaged in undisclosed related-party transactions in violation of Generally Accepted Accounting Principles; and (6) positive statements the Company made regarding its internal financial controls were false and misleading.

On August 16, 2011, a research analyst writing under the name Alfred Little published an investigative report (the “Report”) detailing these and other problems at SinoTech. The day the Report was issued, the Company’s stock price plummeted more than 40%, falling from $4.02 per share on August 15, 2011 to $2.35 per share at the close of trading on August 16, 2011 – a decline of $1.67 per share on unusually high trading volume. The NASDAQ halted SinoTech trading after the market closed on August 16, 2011, announcing that trading would remain halted until the Company “fully satisfied NASDAQ’s request for additional information.” To date, trading has not resumed.

If you are a member of the Class, you may, no later than October 18, 2011, request that the court appoint you as Lead Plaintiff for the class. You may contact the attorneys at Berman DeValerio to discuss your rights and interests in the case. Please note: you may also retain counsel of your choice and need not take any action at this time to be a class member.

Berman DeValerio (www.bermandevalerio.com) is a national law firm representing investors for violations of securities and antitrust laws. The firm has 49 lawyers in Boston, San Francisco and Palm Beach Gardens, Florida.

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