China Shenghuo Pharmaceutical Holdings faces lawsuit for violating the Securities Exchange Act

China Shenghuo Pharmaceutical Holdings, Inc is likely to face a class action lawsuit from all the purchasers of its common stock during the period from July 23, 2007 through and including August 20, 2008. However, no class has yet been certified in the above action.

The lawsuit charges the CSP and some of its officials have violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements pertaining to CSP’s business prospects and condition and filing materially false financial statements with the SEC. On August 20, 2008, the Company announced that its previously issued financial statements for the fiscal periods ended June 30, September 30, and December 30, 2007 and fiscal quarter ended March 31, 2008, should no longer be relied upon and would be restated due to certain accounting errors, internal control issues and related matters.

If you wish to serve as lead plaintiff, you must move the Court no later than October 22, 2008. If you wish to join the lawsuit or to discuss your rights or interests regarding this class action, please contact plaintiff’s counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at e-mail address is being protected from spam bots, you need JavaScript enabled to view it.

Source: PR


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