The Rosen Law Firm Files Securities Class Action Charging China Agritech, Inc. with Securities Fraud --- CAGC
February 11 2011 - 10:24PM
Business Wire
The Rosen Law Firm, P.A. today announced that it has filed a
class action lawsuit on behalf of investors who purchased the
common stock of China Agritech, Inc. (“China Agritech” or the
“Company”) (NASDAQ: CAGC) during the period from February 8, 2010
through February 3, 2011 (the “Class Period”). The lawsuit seeks to
recover damages for investors from violations of the federal
securities laws.
To join the China Agritech class action, visit the Rosen Law
Firm’s website at http://www.rosenlegal.com, or call Laurence
Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you
may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for
information on the class action. The case is pending in the U.S.
District Court for the Central District of California.
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. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN
AN ABSENT CLASS MEMBER.
The Complaint alleges China Agritech issued materially false and
misleading financial statements. Particularly, the Complaint
alleges that on or about February 3, 2011, analyst firm LM Research
issued a report (the “Report”) alleging, among other things, that
the Company’s statement of revenue and earnings for the fiscal year
2009 are materially false and misleading. The Report, citing
sources, claims that China Agritech’s U.S. financial statements
were materially different than the financial statements filed with
Chinese authorities by a number of the Company’s subsidiaries. The
report claims that the revenue reported in the Company’s SEC
filings for 2009 is ten times larger than what the Chinese
regulatory reports show. The LM Research report also noted a number
of potential badges of fraud within the Company. The Complaint
alleges that when these disclosures of potential fraud concerning
China Agritech were revealed to the market, the price of China
Agritech stock dropped, damaging investors.
If you wish to join the class action as serve as lead plaintiff,
you must move the Court no later than April 12, 2011. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. For more information or to
discuss your rights or interests regarding this class action,
please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The
Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at
lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm’s
website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
China Agritech, Inc. (MM) (NASDAQ:CAGC)
Historical Stock Chart
From Jun 2024 to Jul 2024
China Agritech, Inc. (MM) (NASDAQ:CAGC)
Historical Stock Chart
From Jul 2023 to Jul 2024