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Glancy Binkow & Goldberg LLP Announces Class Action
Class Action |
2012/02/09 10:01
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Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers of the American Depositary Shares of China Medical Technologies, Inc. between November 26, 2007 and December 12, 2011, inclusive seeking to pursue remedies under the Securities Exchange Act of 1934.
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 at shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
China Medical develops, manufactures and markets immunodiagnostic and molecular diagnostic products. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose material adverse facts about the Company's business, operations and prospects, including: (1) that the Company’s acquisition of Beijing Bio-Ekon Biotechnology Co. Ltd. (“BBE”) was from a third-party seller connected to China Medical’s CEO; (2) that the Company substantially overpaid to acquire BBE; (3) that China Medical’s acquisition of BBE involved the use of fraudulent shell companies; (4) that the Company was suffering substantial operating losses prior to the acquisition; (5) that a majority of the Company’s accounts receivable were in excess of 120 days; (6) that, as a result, China Medical’s financial results were overstated; (7) that the Company lacked adequate internal and financial controls; and (8), as a result of the foregoing, that the Company's statements were materially false and misleading at all relevant times.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud.
http://www.glancylaw.com |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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