CDM China Century Dragon Media Common Stock

Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired the stock of China Century Dragon Media, Inc. (“China Century” or the “Company”) (AMEX: CDM) pursuant and/or traceable to the Company’s February 8, 2011 Initial Public Offering (the “IPO”) and between February 8, 2011 and March 25, 2011, inclusive (the “Class Period”), alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Complaint”).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or via our website: http://www.rigrodskylong.com/news/ChinaCenturyDragonMedia-CDM.

The Complaint names China Century, certain of the Company’s current executive officers and directors, and certain underwriters as defendants. China Century is a television advertising company engaged in the promotion, sale, and marketing of advertising packages on China television stations.

The Complaint alleges that the Company, certain of its officers and directors, and certain underwriters issued materially false and misleading information in China Century’s IPO documents. Thereafter, on March 21, 2011, China Century’s stock was halted by the NYSE AMEX and to date, remains halted.

On March 28, 2011, China Century announced the resignation of its auditor, MaloneBailey LLP (“MB”), and that MB had informed the Company that “due to discrepancies noted on customer confirmations and the auditors inability to directly verify the Company’s bank records, they believe these irregularities may be an indication of that the accounting records may have been falsified, which would constitute an illegal act…. As a result, MB stated that it is unable to rely on management’s representations as they relate to previously issued financial statements and it can no longer support its opinions related to the financial statements as of December 31, 2009 and 2008.”

In addition, on March 23, 2011, China Century received notification from NYSE Amex of its intention to delist the Company’s common stock. Moreover, China Century was also notified by the United States Securities and Exchange Commission (the “SEC”) that it has initiated a formal, non-public investigation into whether the Company made material misstatements or omissions concerning its financial statements. On March 24, 2011, the SEC served a subpoena on China Century regarding its investigation.

If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Grafico Azioni China Century Dragon Media Common Stock (AMEX:CDM)
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Grafico Azioni China Century Dragon Media Common Stock (AMEX:CDM)
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Da Giu 2023 a Giu 2024