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China Expert Technology, Inc. Summary: A class action lawsuit was filed charging China Expert Technology, Inc. with violations of the federal securities laws. The Complaint alleges that the company knowingly issued materially false financial statements and other misleading statements concerning its business. During the Class Period, CXTI issued materially false and misleading statements and omitted to state material facts that rendered their affirmative statements misleading as they related to the Company’s financial performance, business prospects, and financial condition. As a result of these materially false and misleading statements, the price of the Company’s securities was artificially inflated to a Class Period high of over $8.00 per share. As the truth of the Company’s materially false and misleading statements entered the market, the Company’s stock plummeted to pennies and was even halted by the SEC.
On March 17, 2008, Judge Alvin K. Hellerstein signed the plaintiff’s notice of voluntary dismissal, dismissing the individual defendants named in the complaint. On March 25, 2008, certain plaintiffs were appointed lead plaintiffs. The Order further approved the Rosen Law Firm, P.A. as lead counsel. On March 27, 2009, an Amended Complaint was filed. In April and June 2009, the defendants filed motions to dismiss, and on September 30, 2009, Judge Alvin K. Hellerstein granted with prejudice the motion of Defendant BDO Seidman, LLP. The motion of defendant PKF New York, Certified Public Accountants, a Professional Corporation, was granted without prejudice. On October 29, 2009, the plaintiffs filed a Second Amended Complaint.
INDUSTRY CLASSIFICATION:
SIC Code: 8742
Sector: Services
Industry: Business Services
| COMPANY/ISSUER NAME: | China Expert Technology, Inc. |
| COMPANY/ISSUER TICKER: | CXTI |
| COMPANY WEBSITE: | http://tech.chinaexpertnet.com/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Carlos Munoz, et al. v. China Expert Technology, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 11/21/2007 | ||
| Notice Of Voluntary Dismissal, Wihtout Prejudice, As To Defendants Zhu Xiaoxin; Huang Tao; And Fu Wan Chung, A/K/A Simon Fu | |||
| Type: Notice | Date on the document: 3/17/2008 | ||
| Order Appointing Lead Plaintiffs and Counsel | |||
| Type: Order Appointing LP/LC | Date on the document: 3/25/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Carlos Munoz, et al. v. China Expert Technology, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Amended Complaint | |||
| Type: Complaint | Date on the document: 03/27/2009 | ||
| Summary Order | |||
| Type: Order | Date on the document: 09/30/2009 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 10/29/2009 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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