Chinacast Education Corporation Summary: According to the law firm press release, the Complaint asserts violations of the federal securities laws against ChinaCast and its officers and directors for issuing false and misleading information to investors about the Company’s true financial and business condition. Specifically, the Complaint alleges ChinaCast issued materially false and misleading financial statements during the Class Period because of undisclosed material weaknesses in the Company’s internal controls and the alleged wrongful transfer of $120 million in cash by CEO Chan from bank accounts of ChinaCast’s subsidiaries.
On August 22, 2012, the Court issued an Order consolidating cases, appointing lead plaintiffs, and approving the selection of lead counsel.
On September 17, 2012, the Plaintiffs filed their consolidated complaint.
SIC Code: 8200
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