Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Tibet Pharmaceuticals, Inc.
July 04 2012 - 9:00AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
District Court of the Virgin Islands on behalf of all persons or
entities who purchased or otherwise acquired the common stock of
Tibet Pharmaceuticals, Inc. (“Tibet” or the “Company)
(OTCMarkets:TBET) pursuant and/or traceable to the Registration
Statement and Prospectus issued in connection with the Company’s
Initial Public Offering (the “IPO”), including all those who
purchased Tibet stock after December 28, 2010 (the “Class
Period”).
Tibet focuses on the research, development, manufacturing,
marketing and selling of modernized traditional Tibetan medicines
in China. The Complaint asserts violations of the federal
securities laws against Tibet, its officers and directors, and
underwriters of the IPO for issuing allegedly inaccurate statements
of material fact about the Company’s financial and business
condition, which ultimately caused trading of Tibet’s stock to be
halted and delisted by the NASDAQ, causing investors to lose nearly
their entire investment. The Complaint alleges that defendants
misrepresented and failed to disclose the Company’s material
internal control deficiencies, which rendered the Registration
Statement and Prospectus materially false and misleading.
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 Tibet common stock pursuant or
traceable to the Company’s IPO and/or after December 28, 2010, you
have certain rights, and have until July 25, 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.
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