Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against China Medical Technologies, Inc.
February 08 2012 - 8:46PM
Business Wire
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 (“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”) 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.
If you are a member of the class described above, you may move
the Court, no later than February 17, 2012 to serve as lead
plaintiff; however, you must meet certain legal requirements. 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, 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, 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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