Law Offices of Howard G. Smith Announces Class Action Lawsuit Against China Medical Technologies, Inc.
29 Dicembre 2011 - 2:30AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed on behalf of purchasers of the American
Depositary Shares (“ADSs”) of China Medical Technologies, Inc.
(“China Medical” or the “Company”) (NASDAQ:CMED) between November
26, 2007 and December 12, 2011, inclusive (the “Class Period”),
seeking to pursue remedies under the Securities Exchange Act of
1934. The class action lawsuit was filed in the United States
District Court for Southern District of New York.
China Medical is a medical device company that develops,
manufactures and markets immunodiagnostic and molecular diagnostic
products. The Complaint alleges that the Company and certain of its
executive officers misrepresented or failed to disclose material
adverse facts about the Company's business, operations and
prospects, including that: (1) the Company acquired Beijing
Bio-Ekon Biotechnology Co. Ltd. (“BBE”) from a third-party seller
connected to China Medical's chairman, Wu Xiaodong; (2) the Company
overpaid by approximately $20 million to acquire BBE; (3) the BBE
acquisition involved the use of fraudulent shell companies; (4) the
Company overstated accounts receivable in order to inflate sales
and net income; (5) the Company’s reported profit margins were
inflated; and (6) as a result of the foregoing, the Company’s
statements were materially false and misleading at all relevant
times.
No class has yet been certified in the above action. Until a
class is certified, you are not represented by counsel unless you
retain one. If you purchased China Medical ADSs between November
26, 2007 and December 12, 2011, you have certain rights, and have
until February 17, 2012 to move for lead plaintiff status. To be a
member of the class you need not take any action at this time, and
you may retain counsel of your choice. If you wish to discuss this
action or have any questions concerning this Notice or your rights
or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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