The Rosen Law Firm Announces Investigation of Securities Claims Against China Intelligent Lighting and Electronics, Inc. – CIL
30 Marzo 2011 - 12:06AM
Business Wire
The Rosen Law Firm, P.A. announces that it is investigating
potential securities claims against China Intelligent Lighting and
Electronics, Inc. (AMEX: CIL) (“China Intelligent” or the
“Company”) resulting from allegations that the Company issued
materially false financial statements since the fiscal year ended
as of December 31, 2009.
On March 24, 2011 trading in the Company’s stock was
inexplicably halted. On March 29, 2011 the Company issued an
announcement revealing that its auditor MaloneBailey LLP (“MB”) had
resigned and that MB had withdrawn its prior audit opinion of the
Company’s financial statements. MB said it “believed that the
accounting records of the Company have been falsified, which
constitutes an illegal act.” MB also found that the accounting
discrepancies could indicate a material error in previously issued
financial statements. MB also stated that it could no longer rely
on management’s representations. The Company also disclosed that it
is the subject of a formal SEC investigation.
The Rosen Law Firm is preparing a securities class action
lawsuit on behalf of China Intelligent investors. If you purchased
or acquired China Intelligent securities at any time prior to March
28, 2011, please visit the website at http://rosenlegal.com for
more information. You may also contact Laurence Rosen, Esq., or
Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653
or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar
outcome.
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