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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit against China Intelligent Lighting and Electronics, Inc.

^{Published on 2011-04-11 18:20:17 - Market Wire}
 

BOULDER, Colo.--([ BUSINESS WIRE ])--[ The Shuman Law Firm ] today announced that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired the stock of China Intelligent Lighting and Electronics, Inc. (aChina Intelligenta or the aCompanya) (AMEX: CIL) between June 18, 2010 and March 29, 2011, inclusive (the aClass Perioda).

"believed that the accounting records of the Company have been falsified, which constitutes an illegal act."

If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll-free at (866) 974-8626 or email Mr. Shuman at [ kip@shumanlawfirm.com ] or Mr. Glenn at [ rusty@shumanlawfirm.com ].

The Complaint asserts violations of the federal securities laws against China Intelligent, its officers and directors, and underwriters for issuing materially false and misleading information in the Company's public offering documents. On March 29, 2011 the Company issued an announcement revealing that its auditor MaloneBailey LLP ("MB") had resigned and that MB had withdrawn its prior audit opinion of the Company's financial statements. MB said it "believed that the accounting records of the Company have been falsified, which constitutes an illegal act." MB also found that the accounting discrepancies could indicate a material error in previously issued financial statements. MB also stated that it could no longer rely on management's representations. The Company also disclosed that it is the subject of a formal SEC investigation.

If you purchased China Intelligent common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than May 31, 2011. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.