Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against China Medical Technologi...
January 09 2012 - 7:29PM
Business Wire
Law Offices of Howard G. Smith announces that all persons or
entities who purchased 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”), have until February 17, 2012 to
move the Court to serve as Lead Plaintiff in the securities fraud
class action lawsuit filed in the United States District Court for
the Southern District of New York.
China Medical 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.
China Medical (NASDAQ:CMED)
Historical Stock Chart
From Jul 2024 to Aug 2024
China Medical (NASDAQ:CMED)
Historical Stock Chart
From Aug 2023 to Aug 2024