Investor Notice: The Rosen Law Firm Updates China Agritech Shareholders on Securities Class Action -- CAGC
June 29 2012 - 7:05PM
The Rosen Law Firm, P.A. announces an update on the securities
class action filed on behalf of purchasers of China Agritech common
stock and call options (Nasdaq:CAGC). The Rosen Law Firm is lead
counsel in the shareholder lawsuit Dean v. China Agritech, Inc.,
11-CV-1331 pending in federal court in Los Angeles (the "Action").
First, the Court upheld the complaint against the defendants'
motions to dismiss in the Action. The Court held that the
plaintiffs' complaint successfully alleged that China Agritech had
committed securities fraud by overstating its revenues for 2008 and
2009 by 1,444% and 900%, respectively. The Court also held that the
complaint successfully alleged that China Agritech had committed
securities fraud by failing to disclose that its largest supplier
was a related party, as it was 90% owned by China Agritech's CEO.
Third, the Court held that the complaint adequately alleged China
Agritech's motive to inflate revenue to benefit from his ownership
of this related party.
Second, the Court denied the plaintiffs' motion for class
certification. As a result, your rights as a shareholder are no
longer protected. You must act yourself to protect your rights. You
may protect your rights by joining in the current Action as a
plaintiff or by filing your own action against China Agritech. Also
because the Court denied the motion for class certification, the
statute of limitations is running on any claims you have against
China Agritech and its officers and directors.
If you purchased China Agritech stock or options and you wish to
join the Action and protect your rights, or if you have any
questions regarding your rights or interests with respect to China
Agritech stock, please contact Jonathan Horne, Esquire, of The
Rosen Law Firm, P.A., by telephone at (212) 686-1060 or Toll Free
at (866) 767-3653 or by email at jhorne@rosenlegal.com. For more
information about The Rosen Law Firm, P.A., please visit our
website at www.rosenlegal.com
Attorney Advertising. Prior results do not guarantee a similar
outcome.
CONTACT: Laurence Rosen, Esq.
Jonathan Horne, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866--767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
jhorne@rosenlegal.com
www.rosenlegal.com
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