Saxena White Reminds Investors the Lead Plaintiff Deadline in Class Action Against China-Biotics Inc. Is November 16, 2010
November 05 2010 - 9:00PM
Marketwired
Saxena White P.A. reminds all investors of China-Biotics, Inc.
("China-Biotics" or the Company) (NASDAQ: CHBT) that the Lead
Plaintiff deadline for the class action filed in the United States
District Court for the Southern District of New York is Tuesday,
November 16, 2010. The Complaint asserts violations of Sections
10(b) and 20(a) of the Securities Exchange Act of 1934 against
China-Biotics and certain of its present and former officers and
directors for making material misstatements and omissions about the
Company's true financial condition. According to the Complaint,
during the Class Period Defendants misled investors about the
quality, nature, and quantity of China-Biotics' purported retail
outlets and stores.
The Complaint also alleges that the Company's fiscal 2008
financial statements filed with the SEC, including the cash,
revenue and income positions set forth therein, are materially
false and misleading. In fact, China-Biotics' comparable 2008
financial statements filed with Chinese authorities reported merely
a fraction of the cash, revenue and income set forth in the
Company's U.S. filings.
China-Biotics' false and misleading statements during the Class
Period inflated the price of the Company's securities and allowed
it to complete a public offering in September 2009 of 4.6 million
of its shares of common stock at $15.00 per share (the "Offering").
The Complaint asserts that when the adverse information concerning
the Company's operations began to enter the market, the price of
China-Biotics securities dropped significantly, damaging
shareholders.
You may obtain a copy of the complaint and join the class action
at www.saxenawhite.com. If you purchased China-Biotics stock
between July 10, 2008 and August 30, 2010, you may contact Joe
White or Greg Stone at Saxena White P.A. to discuss your rights and
interests.
If you purchased China-Biotics shares during the Class Period,
including purchases made pursuant to the September 29, 2009
Offering, and wish to apply to be the lead plaintiff in this
action, a motion on your behalf must be filed with the Court no
later than November 16, 2010. You may contact Saxena White P.A. to
discuss your rights regarding the appointment of lead plaintiff and
your interest in the class action. Please note that you may also
retain counsel of your choice and need not take any action at this
time to be a class member.
Saxena White P.A., which has offices in Boca Raton and Boston,
specializes in prosecuting securities fraud and complex class
actions on behalf of institutions and individuals. Currently
serving as lead counsel in numerous securities fraud class actions
nationwide, the firm has recovered hundreds of millions of dollars
on behalf of injured investors and is active in major litigation
pending in federal and state courts throughout the United
States.
Joseph E. White, III jwhite@saxenawhite.com Greg Stone
gstone@saxenawhite.com Saxena White P.A. 2424 North Federal
Highway, Suite 257 Boca Raton, FL 33431 Tel: (561) 394-3399 Fax:
(561) 394-3382 www.saxenawhite.com
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