Pomerantz Law Firm Has Filed a Class Action Against China Sky One Medical, Inc. -- CSKI
24 Febbraio 2012 - 11:10PM
Pomerantz Haudek Grossman & Gross LLP has filed a federal
securities class action 12 Civ. 1418 in the United States District
Court, Southern District of New York, on behalf of all persons who
purchased China Sky One Medical, Inc. ("China Sky" or the "Company)
(Nasdaq:CSKI) securities between April 16, 2009 and February 14,
2012, inclusive (the "Class Period"). This class action is brought
under the Sections 10(b) and 20(a) of the Securities Exchange Act
of 1934 against the Company and certain of its top officials.
If you are a shareholder who purchased China Sky securities
during the Class Period, you have until April 24, 2012 to ask the
Court to appoint you as Lead Plaintiff for the
class. A copy of the complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Rachelle R.
Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x350. Those who inquire by e-mail are encouraged to include
their mailing address and telephone number.
China Sky manufactures pharmaceutical and medicinal products and
diagnostics kits. The Complaint alleges that throughout the Class
Period, China Sky made false and/or misleading statements and/or
failed to disclose that: (1) the Company improperly inflated
earnings; (2) the Company's gross margins were inflated; (3) the
Company lacked adequate internal and financial controls; and (4) as
a result of the foregoing, the Company's statements were materially
false and misleading at all relevant times.
On February 15, 2012, the Company disclosed the resignation of
26 middle-management level employees, nine of whom worked in the
Company's accounting department. On that same day, NASDAQ announced
it had halted trading in the stock until it received adequate
"additional information requested" from the Company. On these
revelations, China Sky's shares declined $0.43 per share or 28%, to
close at $1.10 on February 15, 2012.
The Pomerantz Firm, with offices in New York, Chicago, and
Washington, D.C., is acknowledged as one of the premier firms in
the areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle
Pomerantz Haudek Grossman & Gross LLP
rrboyle@pomlaw.com
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