Law Offices of Howard G. Smith Announces Class Action Lawsuit Against China Medicine Corporation
July 19 2011 - 8:30PM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed on behalf of purchasers of the common stock
of China Medicine Corporation (“China Medicine” or the “Company”)
(Other OTC:CHME.PK) between November 30, 2006 and March 23, 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 the Central District
of California.
China Medicine, through its subsidiaries, distributes
pharmaceutical and medical products in the People’s Republic of
China. The Complaint alleges that throughout the Class Period
defendants issued materially false and misleading statements about
the Company’s business and financial performance. On March 23,
2011, China Medicine filed a Form 8-K with the Securities and
Exchange Commission (SEC) announcing that the Company’s board of
directors had concluded that China Medicine’s financial statements
for its 2008 and 2009 fiscal years and quarterly reports during
fiscal years 2008, 2009 and 2010 were unreliable. On the next
trading day, as a result of the foregoing news, the price of China
Medicine stock dropped more than 53%, from its closing price of
$1.16 per share on March 23, 2011, to a close of $0.54 per share on
March 24, 2011, on heavy trading volume.
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 Medicine securities between
November 30, 2006 and March 23, 2011, you have certain rights, and
have 60 days from July 18, 2011, 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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