CDM China Century Dragon Media Common Stock

The law firm of Lieff, Cabraser, Heimann & Bernstein, LLP announces that a class action lawsuit has been brought on behalf of all persons which purchased or otherwise acquired the securities of China Century Dragon Media, Inc. (“China Century” or the “Company”) (AMEX: CDM) between February 8, 2011 and March 25, 2011, inclusive (the “Class Period”), including all persons who purchased China Century common stock pursuant and/or traceable to the Company’s initial public offering on or around February 8, 2011 (the “IPO”).

If you purchased China Century securities during the Class Period and/or pursuant or traceable to the IPO, you may move the Court for appointment as lead plaintiff by no later than May 31, 2011. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.

China Century shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff may visit Lieff Cabraser’s website at http://www.lieffcabraser.com/securities-investor-fraud/case/458/china-century-dragon-media-inc-securities-class-litigation or contact Sharon M. Lee of Lieff Cabraser toll free at (800) 541-7358.

Background on China Century Securities Class Litigation

The action, pending in the United States District Court for the Central District of California, is brought against China Century, certain of its officers and directors, and the underwriters of the IPO for violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. China Century, headquartered in Huizhou City, Guangdong in the People’s Republic of China, is a television advertising company that primarily offers blocks of advertising time on certain channels on CCTV, China’s state television broadcaster and largest television network.

The action alleges that during the Class Period, defendants misrepresented and omitted material information regarding China Century’s financial condition. Specifically, defendants failed to disclose that China Century engaged in illegal and improper accounting practices and, as a result, its financial statements issued during the Class Period were materially false and misleading.

On March 22, 2011, China Century issued a press release announcing that it had received a preliminary information request from NYSE Amex LLC (“NYSE Amex”) on March 21, 2011.

On March 28, 2011, China Century issued another press release disclosing the resignation of its independent auditor, MaloneBailey, LLP (“MB”), on March 22, 2011. According to the press release, “MB informed the Company that due to discrepancies noted on customer confirmations and the auditor’s inability to directly verify the Company’s bank records, they believe these irregularities may be an indication that the accounting records have been falsified, which would constitute an illegal act.” In addition, MB reportedly informed the Company that “the discrepancies could indicate a material error in previously issued financial statements” and, therefore, “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.” China Century also disclosed that it had been notified by the NYSE Amex on March 23, 2011 that it was not in compliance with listing standards and that it was subject to immediate delisting. The Company also revealed that the Securities and Exchange Commission (“SEC”) had launched an investigation into potential material misstatements or omissions by the Company concerning its financial statements, including cash accounts and accounts receivable, and that the SEC had served the Company a subpoena for documents.

About Lieff Cabraser

Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last eight consecutive years.

For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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

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