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Class action lawsuit filed against Hongli Clean Energy

A class action lawsuit against Hongli Clean Energy Technologies Corp. was initiated in the United States District Court for the District of New Jersey due to a significant decline in the value of the company's stock since the NASDAQ halted trading of its shares April 7.

The complaint accuses the coal-focused company of failing to disclose the impairment of its assets between October 13, 2015, and April 7, 2017.

Law firm Brower Piven said in a May 30 news release that investors who purchased the company's stock during that period have until July 7 to seek appointment as lead plaintiff.

Hongli Clean Energy discontinued its coking business in November 2015.