Case Page

 

Case Status:    DISMISSED    
On or around 05/04/2012 (Notice of voluntarily dismissal)

Filing Date: February 24, 2012

According to a press release dated February 24, 2012, the plaintiffs allege the defendants violated Federal Securities laws by releasing false and misleading statements.

The Complaint alleges that throughout the Class Period, the Company made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly inflated earnings; (2) the Company's gross margins were inflated; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

On February 15, 2012, the Company disclosed the resignation of 26 middle-management level employees, nine of whom worked in the Company's accounting department. On that same day, NASDAQ announced it had halted trading in the stock until it received adequate "additional information requested" from the Company. On these revelations, China Sky's shares declined $0.43 per share or 28%, to close at $1.10 on February 15, 2012.

On May 4, 2012, the plaintiff filed a Notice voluntarily dismissing this action without prejudice as to all defendants.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CSKI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 12-CV-01418
JUDGE:
DATE FILED: 02/24/2012
CLASS PERIOD START: 04/16/2009
CLASS PERIOD END: 02/14/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz Haudek Block Grossman & Gross LLP (Chicago)
    10 South LaSalle Street, Suite 3505, Pomerantz Haudek Block Grossman & Gross LLP (Chicago), IL 60603
    312.377.1181 312.377.1181 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date