NEW YORK, Oct. 29, 2010 (GLOBE NEWSWIRE) -- The Rosen Law Firm reminds investors of the important November 16, 2010 lead plaintiff deadline in the class action lawsuit the firm filed on behalf of purchasers of China-Biotics, Inc. ("China-Biotics" or the "Company") (Nasdaq:CHBT) stock during the period from July 10, 2008 through August 30, 2010 (the "Class Period").
To join the China-Biotics class action, visit the firm's website at , or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against China-Biotics and certain of its present and former officers and directors for making material misstatements and omissions about the Company's true financial condition. According to the Complaint, Defendants misled investors about the quality, nature, and quantity of China-Biotics' purported retail outlets and stores. The Complaint also alleges that China-Biotics' fiscal 2008 financial statements filed with the SEC are materially false because the Company's fiscal 2008 financial statements filed with Chinese authorities reported merely a fraction of the cash, revenue and income set forth in the Company's 2008 financial statements with the SEC. The Complaint asserts that when this adverse information began to enter the market, the price of China-Biotics securities dropped, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than November 16, 2010. A lead plaintiff is a representative party acting on behalf of other absent class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm's website at .
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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CONTACT: The Rosen Law Firm P.A. Laurence Rosen, Esq. lrosen@rosenlegal.com Phillip Kim, Esq. pkim@rosenlegal.com (212) 686-1060 Weekends: (917) 797-4425 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 www.rosenlegal.com 275 Madison Avenue, Suite 3400 New York, New York 10016