Glancy Binkow & Goldberg LLP, Representing Investors of China Agritech, Inc., Announces Class Action Lawsuit & Seeks to Recov...
February 16 2011 - 8:30PM
Business Wire
Notice is hereby given that Glancy Binkow & Goldberg LLP has
filed a class action lawsuit in the United States District Court
for the Central District of California on behalf of a class
consisting of all persons or entities who purchased the securities
of China Agritech, Inc. (“China Agritech” or the “Company”)
(NASDAQ:CAGC) between February 8, 2010 and February 3, 2011,
inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201-9150 or Toll Free at (888) 773-9224, by email at
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
China Agritech, through its subsidiaries, manufactures and sells
organic liquid compound fertilizers, organic granular compound
fertilizers, and related agricultural products in the People’s
Republic of China. The Complaint alleges that defendants issued
false and/or misleading statements and/or failed to disclose that,
among other things: (1) certain of the Company’s manufacturing
facilities were idle or producing far less fertilizer than the
Company portrayed; (2) the Company did not have the equipment to
support its claimed production capacity; (3) the Company did not
receive a license to manufacture granular compound fertilizer; (4)
the Company had misrepresented its fertilizer production levels and
sales; and (5), as a result, the Company's statements were
materially false and misleading at all relevant times.
On February 3, 2011, analyst firm Citron Research published a
report questioning China Agritech’s financial statements and
claimed production capacity. The report alleged that the Company
has misrepresented the scope of its operations and that its
financial statements filed with the Securities and Exchange
Commission were materially different than the financial statements
the Company’s subsidiaries had filed with Chinese authorities.
As a result of this news, China Agritech shares declined $0.93
per share, or 8.63%, to close on February 3, 2011, at $9.85 per
share, on unusually heavy volume.
Plaintiff seeks to recover damages on behalf of class members
and is represented by Glancy Binkow & Goldberg LLP, a law firm
with significant experience prosecuting class actions, and
substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move
the Court, no later than April 12, 2011, to serve as lead
plaintiff; however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy Binkow
& Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los
Angeles, California 90067, by telephone at (310) 201-9150 or Toll
Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
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