Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against China Sky One Medical, Inc.
26 Febbraio 2012 - 4:45AM
Business Wire
Rigrodsky & Long, P.A. announces that a complaint has been
filed in the United States District Court for the Southern District
of New York on behalf of all persons or entities that purchased the
common stock of China Sky One Medical, Inc. (“China Sky One” or the
“Company”) (NasdaqGM:CSKI) between April 16, 2009 and February 14,
2012 (the “Class Period”), alleging violations of 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 Scott J. Farrell, Esquire of
Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300,
Garden City, NY at (888) 969-4242, by e-mail to
info@rigrodskylong.com, or at:
http://www.rigrodskylong.com/investigations/china-sky-one-medical-inc-cski
China Sky One manufactures pharmaceutical and medicinal
products, as well as diagnostic kits. The Complaint names the
Company and certain of its officers and/or directors as defendants,
and alleges that during the Class Period, defendants made
materially false and misleading statements concerning the Company’s
business and its prospects. Specifically, the Complaint alleges
defendants misrepresented and/or failed to disclose that: China Sky
One’s earnings were inflated; the Company’s gross margins were
inflated; and the Company lacked adequate internal and financial
controls.
The Complaint alleges that during the Class Period, doubt had
been expressed about the accuracy of the Company’s various publicly
reported financial results and metrics, including earnings and
gross margins. Specifically, on May 19, 2011, China Economic Review
published an article warning that China Sky One’s impressive
financial results were suspect, based on a comparison of the
Company and its close competitors. On February 15, 2012, the
Company announced that its Chief Executive Officer was being
treated for a life threatening illness and was taking a medical
leave of absence, and that 26 middle-management level employees,
including nine from the accounting department, had resigned. As a
result of the foregoing disclosures, the price of China Sky One
common stock fell approximately 28%, from $1.53 per share on
February 14, 2012 to close at $1.10 per share on February 15,
2012.
If you wish to serve as lead plaintiff, you must move the Court
no later than April 24, 2012. 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.
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