Defendant Name:
Longwei Petroleum Investment Holding Limited
Defendant Type:
Public Company
SIC Code:
5171
CUSIP:
54335410
Document Reference:
lr23584-c
Document Details
Legal Case Name
SEC v. Michael P. Toups, and Longwei Petroleum Investment Holding Limited
Document Name
Complaint and Demand for Jury Trial; Injunctive Relief Sought
Document Date
27-Jun-2016
Document Format
Civil Proceeding
Case Number
16-cv-01798
Federal District Court
Florida, Middle District of Florida
Allegation Type
Issuer Reporting and Disclosure
Document Summary
In the Complaint the SEC alleged that: "For years, Longwei held itself out as a petroleum storage and sales company whose main competitive advantage was its sizeable storage capacity. But Longwei routinely overstated its storage capacity, and even after the overstatement was brought to the attention of the company, including its CFO, Defendant Michael Toups, nothing was done to correct the misstatement. Instead, the company continued to falsely tout its storage capacity in public filings and press releases drafted by Toups, intentionally ignoring contrary evidence from its own records, auditors, and consultants. In addition to fraudulent statements regarding its storage capacity, Longwei and Toups conducted a fraudulent scheme to induce the exercise of warrants to purchase Longwei's stock when it was desperate for cash."
Other Defendants in Action: