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Bernstein Liebhard LLP Announces Filing of a Class Action against Subaye


Bernstein Liebhard LLP today announced that a lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class of investors who purchased Subaye, Inc.(NYSE: SBAY) securities between the period of December 29, 2009 to April 7, 2011. Plaintiffs allege violations of the Securities and Exchange Act of 1934 against Subaye and certain individual defendants.

The Complaint asserts violations of the federal securities laws against Subaye and its officers and directors for issuing materially false and misleading financial statements to investors. On April 7, 2011, the Company disclosed that its auditor, PricewaterhouseCoopers Hong Kong , had resigned. PwC identified matters that may materially impact the fairness and reliability of Subaye's quarterly financial information for the three months ended December 31, 2010 and may cause PwC to be unwilling to rely on management's representations.

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