Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Tibet Pharmaceuticals, Inc.

Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the District Court of the Virgin Islands on behalf of purchasers of the common stock of Tibet Pharmaceuticals, Inc. (“Tibet” or the “Company) (OTCMarkets:TBET) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s Initial Public Offering (the “IPO”), including all those who purchased Tibet stock after December 28, 2010 (the “Class Period”).

Tibet focuses on the research, development, manufacturing, marketing and selling of modernized traditional Tibetan medicines in China. The Complaint asserts violations of the federal securities laws against Tibet, its officers and directors, and underwriters of the IPO for issuing inaccurate statements of material fact about the Company’s true financial and business condition, which ultimately caused trading of Tibet’s stock to be halted and delisted by the NASDAQ, causing investors to lose nearly their entire investment. The Complaint alleges that defendants misrepresented and failed to disclose the Company’s material internal control deficiencies, which rendered the Registration Statement and Prospectus materially false and misleading.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Tibet stock after December 28, 2010, you have certain rights, and have until July 25, 2012 to move for lead plaintiff status. To be a member of the class you need not take any 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, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150 or Toll-Free at 888-773-9224, by e-mail to shareholders@glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Tibet Pharmaceuticals (CE) (USOTC:TBET)
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