China-Biotics, Inc. Summary: According to the law firm press release, the complaint alleges that, during the Class Period, Defendants knew, or recklessly disregarded, that the Company fabricated (i) a false sales contract; (ii) a false bank website; and (iii) a false bank advice in furtherance of its scheme to fraudulently create the appearance of having achieved a 50% growth in 2011 revenue. As a result of the dissemination of the materially false and misleading information and failure to disclose material facts, the market price of China-Biotics common stock was artificially inflated during the Class Period.
On September 5, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.
On October 18, 2012, the Court issued an Order consolidating cases. The Clerk of the Court was directed to designate 10 Civ. 7838 as the lead case and to terminate this case.
SIC Code: 1400
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