Glancy Binkow & Goldberg LLP, Representing Shareholders of China Agritech, Inc., Announces 7 Days Remaining to Move for Appointm
April 05 2011 - 9:30PM
Glancy Binkow & Goldberg LLP announces that all persons or
entities who purchased or otherwise acquired the securities of
China Agritech, Inc. ("China Agritech" or the "Company")
(Nasdaq:CAGC) between February 8, 2010 and March 11, 2011,
inclusive (the "Class Period"), have 7 days until the April 12,
2011 deadline to move the Court to serve as Lead Plaintiff in the
securities fraud class action lawsuit. The shareholder
lawsuit is pending in the United States District Court for the
Central District of California.
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 to
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, an analyst firm 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.
On March 11, 2011, NASDAQ announced it was halting trading of
the Company's stock pending the release of further news.
Subsequently, the Company announced it formed a Special
Committee to investigate accounting irregularities and delayed the
filing of its 10-K report to the Securities and Exchange
Commission.
Any person or group who suffered a loss as a result of
purchasing China Agritech securities between February 8, 2010 and
March 11, 2011, may ask the Court to be appointed as Lead
Plaintiff, but must file a motion no later than the April 12, 2011
deadline.
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, Toll
Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy (310) 201-9150 or (888) 773-9224
Michael Goldberg
shareholders@glancylaw.com
www.glancylaw.com
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