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Thu, April 21, 2011Wed, April 20, 2011Tue, April 19, 2011Mon, April 18, 2011Sun, April 17, 2011Fri, April 15, 2011Thu, April 14, 2011Wed, April 13, 2011Tue, April 12, 2011Mon, April 11, 2011Sat, April 9, 2011Fri, April 8, 2011Thu, April 7, 2011Wed, April 6, 2011Tue, April 5, 2011Mon, April 4, 2011Sat, April 2, 2011Fri, April 1, 2011Thu, March 31, 2011Wed, March 30, 2011Tue, March 29, 2011Mon, March 28, 2011Sun, March 27, 2011Fri, March 25, 2011Thu, March 24, 2011Wed, March 23, 2011Tue, March 22, 2011Mon, March 21, 2011Robbins Umeda LLP Announces the Filing of a Class Action Lawsuit Against China Intelligent Lighting and Electronics, Inc.
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Published in House and Home on Tuesday, April 5th 2011 at 19:20 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
SAN DIEGO--([ BUSINESS WIRE ])--Robbins Umeda LLP, a [ shareholder rights litigation ] firm, announces that a class action lawsuit has been filed on behalf of all persons or entities who purchased the common stock of China Intelligent Lighting and Electronics, Inc. (AMEX: CIL) between June 18, 2010 and March 29, 2011 (the "Class Period").
"believed that the accounting records of the Company have been falsified, which constitutes an illegal act."
CIL manufactures lights for residential and commercial use. The company was founded in 2006, is based in Huizhou City, Guangdong Province, China, and is incorporated in Delaware.
The lawsuit alleges that during the Class Period, CIL, its officers and directors, and certain underwriters violated federal securities laws by issuing materially false and misleading information in the company's public offering documents.
On March 24, 2011, trading of CIL was halted. On March 29, 2011, the company announced that its independent auditor, MaloneBailey LLP, resigned and had withdrawn its prior audit opinions of the company's financial statements for the year ended and as of December 31, 2009. MaloneBailey LLP attributed its resignation to accounting fraud involving forging of the company's accounting records and bank statements, stating that it "believed that the accounting records of the Company have been falsified, which constitutes an illegal act."
Further, CIL was recently notified by the U.S. Securities and Exchange Commission ("SEC") that it has initiated a formal, non-public investigation into whether the company had made material misstatements or omissions concerning its financial statements. On March 24, 2011, the SEC served CIL a subpoena for documents relating to the matters under review by the SEC.
If you purchased CIL stock during the Class Period, you have until May 31, 2011, to move for lead plaintiff. To discuss your [ shareholder rights ], please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the [ shareholder information form ] on our website.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The Firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career [ shareholder rights attorneys ]. For more information, please go to [ http://www.robbinsumeda.com ].
Press release link: [ http://www.robbinsumeda.com/shareholders-rights-blog/china-intelligent-lighting/ ]
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