SHAREHOLDER ALERT: Brower Piven Encourages Investors With Losses Over $100,000 in China Agritech, Inc. to Contact the Firm Be...
July 09 2014 - 11:46AM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the Central
District of California on behalf of all persons who purchased or
otherwise acquired the common stock of China Agritech, Inc. ("China
Agritech" or the "Company") (Other OTC:CAGC) between November 12,
2009 through March 11, 2011, inclusive (the "Class Period"), and
informs investors who wish to become proactively involved in the
litigation that they have until September 3, 2014 to seek
appointment as lead plaintiff.
If you have suffered a loss from investment in China Agritech
common stock purchased on or after November 12, 2009 and held
through the revelation of negative information during and/or at the
end of the Class Period, as described below, and would like to
learn more about this lawsuit and your ability to participate as a
lead plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than September 3, 2014 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in Company
units during the Class Period.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants'
failure to disclose during the Class Period that the Company
grossly overstated its revenue and income in Securities and
Exchange Commission ("SEC") filings which were highly inflated over
figures appearing in filings made with Chinese authorities.
According to the complaint, following a February 3, 2011 report
issued by LM Research alleging that the Company's statement of
revenue and earnings for the fiscal year 2009 were materially false
and misleading and referring to the Company as a "scam" with empty,
idle factory plants, no necessary licenses and "no value," the
value of China Agritech shares declined significantly; and
following a March 14, 2011 Company release announcing the
resignation of its independent outside auditor, Ernst & Young
Hua Ming and the formation of a Special Committee to investigate
accounting irregularities and a delay for the filing of it 10-K
report to the SEC and the revocation by the SEC of the registration
of China Agritech's stock, trading of the Company's shares on the
NASDAQ was permanently halted.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If
you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time
to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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