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.
Source: PR USA.net
Filed under Class Action, Securities Class Action | Tags: China Shenghuo Pharmaceutical Holdings, Class Action Lawsuit, Counsel, materially false and misleading statements, plaintiff, Securities Exchange Act of 1934. | Comment Below