NEW YORK, Feb. 18, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. reminds investors of the April 5, 2011 lead plaintiff deadline in the securities class action. If you purchased the common stock of China MediaExpress Holdings, Inc. ("China MediaExpress" or the "Company") (Nasdaq:CCME) during the period from November 8, 2010 through February 3, 2011 (the "Class Period"), you should contact the Rosen Law Firm for more information about the importance of serving as a lead plaintiff. The lawsuit is seeking to recover damages for investors from violations of federal securities laws.
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.
To join the China MediaExpress class action, visit the Rosen Law Firm's website at , or call Laurence Rosen, Esq. or Jonathan Horne, Esq., toll-free, at 866-767-3653; you may also email email@example.com or firstname.lastname@example.org for information on the class action. The case is pending in the U.S. District Court for the Southern District of New York.
The Complaint alleges violations of the Securities Exchange Act against China MediaExpress and its Chief Executive Officer, Zheng Cheng. The Complaint alleges that the Company made a number of misrepresentations in its public filings with the Securities Exchange Commission and in its press releases. Namely, the Complaint alleges that: (1) the Company misrepresented the number of buses in its advertising network; (2) that the Company misrepresented the nature and extent of its business relationships; (3) that, as a result, the Company's financial statements were overstated during the Class Period; and (4) that the Company's statements concerning China MediaExpress' business, operations, and prospects were thereby materially false and misleading at all relevant times.
On January 31, 2011, analyst firm Citron Research published a report alleging that China MediaExpress has misrepresented, among other things, the scope of its operations, its financial performance, and the extent of the Company's claimed strategic partnership with a government-affiliated entity. The Citron report concluded that the Company "does not exist at the scale that they are reporting to the investing public."
Three days later, on February 3, 2011, analyst firm Muddy Waters issued a detailed report echoing many of the allegations in the Citron Research report. Among other things, Muddy Waters alleged that the Company "is engaging in a massive 'pump and dump' scheme [...] significantly inflating its revenue and earnings in order to pay management earn-outs and inflate the stock price so insiders can sell." Following this news, China MediaExpress shares declined $5.52 per share, or 33.23%, to close on February 3, 2011, at $11.09 per share on unusually heavy volume of more than 21.6 million shares traded.
If you wish to serve as lead plaintiff, you must move the Court no later than April 5, 2011. A lead plaintiff is a representative party acting on behalf of other 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 Jonathan Horne, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at email@example.com or firstname.lastname@example.org. 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: Laurence Rosen, Esq. Jonathan Horne, Esq. The Rosen Law Firm P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 Tel: (212) 686-1060 Weekends Tel: (917) 797-4425 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 email@example.com firstname.lastname@example.org www.rosenlegal.com