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Published in House and Home on Tuesday, March 29th 2011 at 17:55 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of all persons or entities who purchased the securities of China Intelligent Lighting and Electronics, Inc. (aChina Intelligent Lightinga or the aCompanya) (AMEX:CIL) prior to March 28, 2011, concerning possible violations of federal securities laws.
"MaloneBailey believed that the accounting records of the Company have been falsified, which constitutes an illegal act"
China Intelligent Lighting manufactures residential lighting, commercial lighting, outdoor lighting, LED accessories and lighting accessories. The investigation focuses on allegations that certain statements issued by China Intelligent Lighting since the fiscal year ended as of December 31, 2009 regarding the Companya™s financial performance were materially false and misleading.
On March 29, 2011, the Company disclosed that its engagement with its independent accounting firm, MaloneBailey LLP (aMaloneBaileya), been formally terminated. The Companya™s announcement further stated that MaloneBaileya™s Resignation Letter indicated that aMaloneBailey believed that the accounting records of the Company have been falsified, which constitutes an illegal act,a that the adiscrepancies could indicate a material error in previously issued financial statementsa and, as a result, aMaloneBailey stated that it is unable to rely on managementa™s representations as they relate to previously issued financial statements and it can no longer support its opinion related to the Companya™s financial statements for the year ended and as of December 31, 2009.a The Company also disclosed that it is the subject of a formal SEC investigation into whether it had made material misstatements or omissions concerning its financial statements, including cash accounts and accounts receivable.
If you purchased China Intelligent Lighting securities prior to March 28, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ www.howardsmithlaw.com ].
