Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against China Medical Technologies...
January 03 2012 - 9:30PM
Business Wire
Glancy Binkow & Goldberg LLP announces that all purchasers
of the American Depositary Shares (“ADSs”) of China Medical
Technologies, Inc. (“China Medical” or the “Company”) (NASDAQ:CMED)
between November 26, 2007 and December 12, 2011, inclusive (the
“Class Period”) have until February 17, 2012 to file a motion with
the Court to be appointed as Lead Plaintiff. The securities fraud
class action lawsuit was filed in the United States District Court
for the Southern District of New York.
China Medical develops, manufactures and markets
immunodiagnostic and molecular diagnostic products. The Complaint
alleges that the Company and certain of its executive officers
misrepresented or failed to disclose material adverse facts about
the Company's business, operations and prospects, including that:
(1) the Company acquired Beijing Bio-Ekon Biotechnology Co. Ltd.
(“BBE”) from a third-party seller connected to China Medical's
chairman, Wu Xiaodong; (2) the Company overpaid by approximately
$20 million to acquire BBE; (3) the BBE acquisition involved the
use of fraudulent shell companies; (4) the Company overstated
accounts receivable in order to inflate sales and net income; (5)
the Company’s reported profit margins were inflated; and (6) as a
result of the foregoing, the Company’s statements were materially
false and misleading at all relevant times.
Any person or group who suffered a loss as a result of
purchasing China Medical ADSs between November 26, 2007 and
December 12, 2011, may ask the Court to be appointed as Lead
Plaintiff, but must file a motion no later than February 17, 2012.
To be a member of the class you need not take action at this time;
you may retain counsel of your choice or take no action and remain
an absent class member. 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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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