NEW YORK, December 29, 2021--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Hollysys Automation Technologies Ltd. ("Hollysys" or the "Company") (NASDAQ: HOLI). The investigation concerns whether Hollysys has violated the federal securities laws and/or engaged in other unlawful business practices.
Hollysys provides automation and control technologies in China, with overseas operations in eight other countries and regions throughout Asia. The Company offers a suite of industrial automation systems, including third-party hardware-centric products, such as instrumentation and actuators, proprietary software-centric distributed control systems/programmable logic controllers, and valued-added software packages comprising real-time management information system etc.
On November 2, 2021, after the market closed, Hollysys filed a notification with the U.S. Securities and Exchange Commission ("SEC") stating that it could not timely file its annual report for the period ending June 30, 2021, because of a "delay in collecting supporting documents and information." The Company also stated that it had replaced Ernst & Young Hua Ming LLP as its independent auditor. On this news, the price of the Company’s shares declined by $5.69 per share, or approximately 29.3%, from $19.39 per share to close at $13.70 per share on November 3, 2021.
If you purchased or otherwise acquired Hollysys securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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