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China Sky One Medical, Inc.

Case Summary

China Sky One Medical, Inc. Securities Litigation

Case Summary

Case Status:    DISMISSED    
On or around 07/14/2014 (Other)

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. A related case filed under Docket 12-CV-02552 in the Central District of California continues.

On May 22, 2012, the Court issued an Order appointing Lead Plaintiff and Counsel.

Lead Plaintiff filed a Motion for Class Certification and Default Judgment on May 21, 2014. On July 14, the Court issued an order denying the Motion and dismissing the case.

Company & Securities Information

Defendant: China Sky One Medical, Inc.

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.

First Identified Complaint

Rasoul Akhmatov, et al. v. China Sky One Medical, Inc., et al.

COURT: C.D. California
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/
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 02/24/2012
2 Notice of Voluntary Dismissal Without Prejudice Pursuant to Fed. R. CIV. P.41(a)(1)(A) 05/04/2012
3 U.S. District Court Civil Docket 05/04/2012

Reference Complaint

Brandon Muhammad, et al. v. China Sky One Medical, Inc., et al.

COURT: C.D. California
DOCKET #: 12-CV-02552
JUDGE:
DATE FILED: 03/23/2012
CLASS PERIOD START: 04/16/2009
CLASS PERIOD END: 02/14/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Complaint 03/23/2012
2 In Chambers - Order Re Hugues Depauw's Motion for Appointment as Lead Plaintiff and Approval of Lead Counsel 05/22/2012
3 Notice of Lead Plaintiff's Motion for Class Certification and Default Judgment 05/21/2014
4 Order Re Plaintiff's Motion for Entry of Default Judgment and Motion for Class Certification 07/14/2014
5 U.S. District Court Civil Docket 07/14/2014
 
 

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