Faruqi & Faruqi, LLP Announces Class Action Lawsuit
Recent Cases
The action alleges that the Company and its executives violated federal securities laws by failing to disclose that: (1) China Med’s acquisition of Bio-Ekon Biotechnology Co. Ltd. was from a third-party seller connected to the Company’s own chairman; (2) China Med overpaid by an estimated $20 million in the acquisition of BBE; (3) China Med’s transaction to acquire BBE involved the Company’s use of fraudulent shell companies, including Finnea International Limited which never owned BBE; (4) according to SAIC filings, BBE actually suffered operating losses prior to China Med’s acquisition; and (5) the Company has spent twice as much on “investing activities” as it has purportedly generated from operations.
On December 6, 2011, Glaucus Research Group released a report focusing on the Company’s fraudulent acquisition of BBE and initiating a strong sell for China Med. On this shocking news, China Med shares plunged roughly 23% at the end of trading on December 6, 2011.
If you purchased China Med securities and would like to discuss your legal rights, visit www.faruqilaw.com/CMED. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding China Medical’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Related listings
-
Court delays border-crossing pollution rule
Recent Cases 01/03/2012A federal court Friday put on hold a controversial Obama administration regulation aimed at reducing power plant pollution in 27 states that contributes to unhealthy air downwind. More than a dozen electric power companies, municipal power plant oper...
-
Chief justice defends court's impartiality
Recent Cases 01/02/2012Chief Justice John Roberts said Saturday that he has "complete confidence" in his colleagues' ability to step away from cases where their personal interests are at stake, and noted that judges should not be swayed by "partisan demands." The comment, ...
-
Court delays border-crossing pollution rule
Recent Cases 01/01/2012A federal court Friday put on hold a controversial Obama administration regulation aimed at reducing power plant pollution in 27 states that contributes to unhealthy air downwind. More than a dozen electric power companies, municipal power plant oper...
Lawyer Website Design For Sole Practitioners - Law Promo
Law Promo understands that running a solo law practice can be a difficult undertaking at any stage, especially if you are just starting up your practice.
The most challenging part of running any solo business can be managing each and every aspect, especially those areas in which you have less experience. Marketing is often one of the weakest areas for small businesses and yet is the most important in ensuring business growth.
A solid internet marketing campaign is crucial, as it can level the playing field between you and larger firms and is by far the most cost effective way to attract more clients.