August 19, 2011

Longtop Financial Technologies Ltd (OTC:LGFTY) has gained more than 120% today after the NYSE delisted them to OTC platform.  Inspite of that stock prices have surged by more than $0.70 at a heavy trading volume of 9,273,062 shares at 12:54 EST. www.nasd-law.com, announced today that a class action lawsuit, Case No. 11-CV-04402, has been filed against Longtop Financial Technologies(“Longtop”)(NYSE:LFT)on behalf of investors who purchased Longtop stock during the class period of June 29, 2009 through April 25, 2011. The stock is trading at 97% below its price prior to the downgrade.  Longtop Financial Technologies Limited(Longtop Cayman)together with its subsidiaries provides a range of software solutions and services to the financial institutions in the People’s Republic of China(PRC), including the development, licensing and support of software solutions, the provision of maintenance, support, and other services, and system integration services related to the procurement and sale of third party hardware and software. The software solutions provided by the Company are classified into four categories: channel, business, management and business intelligence. The Company also provides other services, such as automated teller machine(ATM)maintenance, system integration and other information technology(IT)and technology related services, to its clients.

Source:investorschatroom