Glancy Binkow & Goldberg LLP, Representing Shareholders of China Agritech, Inc., Announces an April 12, 2011 Deadline to Move fo
15 Mars 2011 - 2:40AM
Glancy Binkow & Goldberg LLP announces that all persons or
entities who purchased or otherwise acquired the securities of
China Agritech, Inc. ("China Agritech" or the "Company")
(Nasdaq:CAGC) between February 8, 2010 and February 3, 2011,
inclusive (the "Class Period"), have 29 days until the April 12,
2011 deadline to move the Court to serve as Lead Plaintiff in the
securities fraud class action lawsuit. The case filed by Glancy
Binkow & Goldberg LLP, Pepperdine v. China Agritech, Inc., et
al., No. CV-11-01441-RGK, has been assigned to the Honorable R.
Gary Klausner, United States District Judge for the Central
District of California.
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone
to discuss this action or to obtain a copy of the Complaint at
(310) 201‑9150 or Toll Free at (888) 773‑9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
China Agritech, through its subsidiaries, manufactures and sells
organic liquid compound fertilizers, organic granular compound
fertilizers, and related agricultural products in the People's
Republic of China. The Complaint alleges that defendants
issued false and/or misleading statements and/or failed to disclose
that, among other things: (1) certain of the Company's
manufacturing facilities were idle or producing far less fertilizer
than the Company portrayed; (2) the Company did not have the
equipment to support its claimed production capacity; (3) the
Company did not receive a license to manufacture granular compound
fertilizer; (4) the Company had misrepresented its fertilizer
production levels and sales; and (5), as a result, the Company's
statements were materially false and misleading at all relevant
times.
On February 3, 2011, analyst firm Citron Research published a
report questioning China Agritech's financial statements and
claimed production capacity. The report alleged that the
Company has misrepresented the scope of its operations and that its
financial statements filed with the Securities and Exchange
Commission were materially different than the financial statements
the Company's subsidiaries had filed with Chinese authorities.
As a result of this news, China Agritech shares declined $0.93
per share, or 8.63%, to close on February 3, 2011, at $9.85 per
share, on unusually heavy volume.
The Private Securities Litigation Reform Act of 1995 ("PSLRA")
requires the Court to appoint a "Lead Plaintiff" in this case.
Any person or group who suffered a loss as a result of
purchasing China Agritech securities between February 8, 2010 and
February 3, 2011, may ask the Court to be appointed as Lead
Plaintiff, but must file a motion no later than the April 12, 2011
deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant
experience in prosecuting class actions, substantial expertise in
actions involving corporate fraud, and is representing China
Agritech shareholders in this litigation.
If you wish to discuss this action or have any questions
concerning this Notice or your rights or interests with respect to
these matters, please contact Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los
Angeles, California 90067, by telephone at (310) 201‑9150, Toll
Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy (310) 201-9150 or (888) 773-9224
Michael Goldberg
shareholders@glancylaw.com
www.glancylaw.com
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